Sector News

Cargill's head of cotton exits amid commodities gloom

March 30, 2016
Food & Drink

The head of cotton at Cargill Inc. has left the company after nearly three decades, the latest in a series of changes at the more than 150-year-old privately held firm as it contends with a commodities rout.

Doug Christie, president of Memphis, Tenn.-based Cargill Cotton, was with the company 29 years, a Cargill spokesman said in an email. His departure is the latest in a series of changes at the Minneapolis-based agribusiness leader and comes as cotton prices languish near 2009 lows, pressured by rising demand for man-made fibers and excess inventories, particularly in top consumer China.

The spokesman did not provide details on the reason for Christie’s departure, which was first reported by the Financial Times, or comment on who would replace him.

Christie’s exit comes as Cargill and other agricultural merchants face slumping commodities prices and slowing demand in key regions. Cargill said it saw weaker performance in cotton when it reported earnings in January.

Cargill has been in the midst of a shake-up, having launched a restructuring last year with plans to eliminate up to 2.5 percent of its employees, according to sources.

Christie started his career as a grain and oilseed trader and became president of the company’s cotton unit nearly seven years ago, according to his LinkedIn profile. With roots in cotton since 1818, Cargill is one of the oldest and largest traders of the fiber.

Source: Reuters

comments closed

Related News

September 17, 2022

Coca-Cola chief platform services officer to step down

Food & Drink

Barry Simpson is stepping down from his position as chief platform services officer and senior vice president at the Coca-Cola Co. Mr. Simpson will leave the role Sept. 30, but he will remain in a senior advisory role until February 2023.

September 17, 2022

McCain acquires vegetable-based appetizer producer

Food & Drink

McCain Foods finalized its acquisition of Scelta Products, Kruiningen, Netherlands, for an undisclosed sum on Sept. 8. A maker of frozen, vegetable-based snacks, Scelta’s product line of breaded mushrooms, onion rings, and cauliflower fries joins McCain’s growing portfolio of prepared vegetable appetizers.

September 17, 2022

Plant-Based, Pumpkin Spice, and more food words added to Merriam-Webster Dictionary

Food & Drink

Plant-based, pumpkin spice, oat milk — these are just a few of the new food-related words added to the Merriam-Webster Dictionary this year. While these words are hardly new to the vernacular (especially pumpkin spice — why did that take so long?), they are only now deemed to have the “clear and sustained evidence of use” required for dictionary inclusion.