International Flavors & Fragrances announced the resignations...

International Flavors & Fragrances announced the resignations of its chairman, Henry G. Walter Jr., and its president, S. James Spitz Jr.

The New York company did not disclose the reason for the shake-up. Both men will remain as consultants, the announcement said.

Analysts said they were caught by surprise by the unusual joint resignations, but they pointed to the ages of Spitz, 63, and Walter, who is a month away from his 75th birthday.

The analysts also noted that the company has had relatively flat earnings since 1981.

Eugene P. Grisanti, 55, a senior vice president, was elected to succeed Walter as chairman and chief executive. No successor was named for Spitz.