Global grains trader Bunge Ltd, which has been under pressure from activist investors, said on Monday Chief Executive Officer Soren Schroder would step down.
Schroder, who served as CEO since 2013, will continue in his current role until a successor is named, the company said in a statement.
Investors D.E. Shaw and Continental Grain have urged Bunge to expand its board, following which the company appointed the CEO of agrichemicals company Syngenta to its board.
The company has been grappling with low crop prices and the trade war that has slashed U.S. crop exports to China. Bunge was also the target of failed takeover bids rivals Archer Daniels Midland Co and commodities trader Glencore.
The grains trader also appointed Kathleen Hyle, who has served on the company’s board since 2012, as chairman, effective immediately. Hyle will be part of the search committee created to appoint a new CEO.
By Shanti S Nair
Source: Reuters
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