Sector News

Categories

Borderless Insights

Image
How to impress the headhunter: Andrew Kris in conversation with Anthony Harling provide the clues.
Image
Now performing in the biotech big top: The Chief Medical Officer
Image
What can the Life Sciences sector and other industries learn from Amazon

ADM finance chief to oversee Asia business in management shuffle

March 3, 2015
Food & Drink
(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)

comments closed

Related News

November 27, 2022

Cargill to appoint Brian Sikes as president and CEO

Food & Drink

Cargill will appoint Brian Sikes as its president and chief executive officer on 1 January 2023. The soon-to-be CEO, currently holding the chief operating officer title, has worked at Cargill for 31 years. Dave MacLennan, who has served as Cargill’s CEO since 2013, will assume the role of executive chair of the company’s board of directors.

Read more
November 27, 2022

Wellness, self-expression drive the latest trends in colors and flavors

Food & Drink

Comforting colors, feel-good flavors, and unique food and beverage experiences will resonate most with consumers in the new year, according to ADM’s latest Flavor and Color Outlook. ADM anticipates that 2023 will be the year of self-expression, and the company identified four trends that are sure to stand out.

Read more
November 27, 2022

Nespresso unveils home-compostable coffee capsules in partnership with Huhtamaki

Food & Drink

Nestlé’s Nespresso brand will pilot home-compostable coffee capsules on the Nespresso Original system in France and Switzerland from spring 2023 before further launches in several other European countries within a year. The paper-based capsules are touted as a breakthrough in packaging technology after three years of R&D.

Read more
More news