(Reuters) – Archer Daniels Midland Co on Monday said its chief financial officer will assume oversight of business in Asia as the commodity trader looks to expand operations in the fast-growing region.
Ray Young will keep his job as ADM’s CFO and become an executive vice president to help the agribusiness company “accelerate our Asia strategy,” Chief Executive Juan Luciano said in a statement that announced other management changes.
Before joining ADM in 2010, Young worked in Shanghai as a vice president for General Motors Co and also in Japan.
ADM has focused on expanding its dealings in Asia to take advantage of the region’s growing middle-class population and last year increased its stake in Wilmar International of Singapore. This year, the company is set to complete its first wholly owned food-ingredient production facility in China.
In 2013, ADM failed in a A$2.8 billion ($2.18 billion) bid to acquire Australian grain handler Graincorp Ltd, a deal that would have improved its access to Asian markets. ADM still owns 20 percent of Graincorp.
In another change, ADM named Mark Bemis, who was a senior vice president and the president of corn processing, as the president of North America operations. He will be responsible for “finding new pockets of growth in the U.S.,” as well as expanding business in Mexico and Canada, Luciano said.
The appointments are the latest management changes after Luciano became CEO in January when Patricia Woertz stepped down from the post she had held since 2006.
Last month, ADM reported higher quarterly earnings as a record-large U.S. harvest boosted grain volumes and supported strong exports.
ADM is one of four large agribusinesses known as the ABCDs that dominate the global grain trade. The others are Bunge Ltd , Cargill Inc and Louis Dreyfus Corp. ($1 = 1.2873 Australian dollars) (Reporting by Tom Polansek, editing by G Crosse)
