The announcement of a CFO's retirement and the initiation of a succession process is significant but not immediately impactful on stock price. It indicates a planned and orderly transition, which is generally viewed positively by the market. However, the actual impact will depend on the market's perception of the successor once announced. Given Richter's contributions to financial improvements and strategic developments at IFF, his departure could be seen as a loss, but the company's proactive approach to finding a successor mitigates immediate concerns.