Syngenta, the world’s leading agricultural chemicals company, said on Wednesday that Mike Mack has informed the board of his intention to step down as CEO and executive director of the company.
The board has accepted Mack’s decision and he will be leaving the company at the end of October 2015. John Ramsay, CFO has been appointed interim CEO.
Syngenta has been under pressure from investors since its board rejected several takeover approaches from Monsanto, the US seeds and agchems giant, starting in June 2014. Monsanto withdrew its final bid, worth $47 billion, in August this year, leading to a 20% drop in the Syngenta share price. Analysts believe that a change in the Syngenta top management, which will probably include the appointment of an external candidate as the new CEO, will be accompanied by a greater focus on cost-cutting and portfolio restructuring.
Michel Demaré, chairman of Syngenta, said, “On behalf of the board, I should like to thank Mike for his very significant contribution to Syngenta. Under his strong strategic and operational leadership Syngenta developed and implemented its innovative integrated strategy and the commitments behind ‘The good growth plan’. His R&D investment strategy has enabled the company to strengthen its leadership and the rich pipeline in crop protection, seeds and traits will continue to produce results in the decade to come.”
“I believe that this is an appropriate time for the company to benefit from the perspectives of a new leader. I would like to express my appreciation to colleagues, customers and the many partners around the world with whom I have worked over the past 14 years. Syngenta is a great company with outstanding prospects as the only truly integrated global player in the industry. While the current market conditions are challenging, I am confident that the strength of the company’s products, promising pipeline and talented people will deliver significant value in the years ahead,” Mack said.
By Natasha Alperowicz
Source: Chemical Week
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