In a letter from FrontFour Capital to Sensient shareholders, it said "The Company's operating performance and margins continue to be lackluster relative to both its peers and even management's stated expectations. Sensient has long promised that the combination of increasing capital expenditures ("CAPEX") to modernize and expand their facilities and increasing SG&A to expand the salesforce, extend the distribution system and augment their technical specialties would result in higher margins for the F&F division. Unfortunately, the exact opposite has occurred... Aside from the operational issues plaguing Sensient, we are extremely concerned with the revolving door of the COO position over the recent years and the quick ascension of Chairman Ken Manning's son, Paul Manning, to the CEO position despite lacking any meaningful outside experience within the F&F segment... The candidates nominated by FrontFour would bring much-needed attributes, skills and experience to the Board to help successfully create shareholder value for all Sensient shareholders."
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