The premarket drop in IFF shares is directly related to the mixed financial results for Q4 FY23, including a revenue beat but an EPS miss. The decision to cut the dividend by approximately 50% to improve financial flexibility is likely to concern investors, contributing to the negative sentiment. The cautious FY24 outlook, with expected sales below consensus and anticipated pricing declines, further adds to the bearish outlook. The appointment of a new CEO introduces leadership changes that could impact company direction and investor confidence.