Sector News

An executive director at Archer Daniels Midland Co in São Paulo has left the firm to take over as Brazil general manager at rival grain trading house Gavilon do Brasil, two sources told Reuters on Wednesday.

Marcelo Grimaldi served most recently as a director at ADM responsible for Andean countries and the biodiesel business, according to his LinkedIn profile, which has not been updated.

The sources, who requested anonymity, said the move was announced internally last week.

Grimaldi did not reply to a request for comment via LinkedIn.

Gavilon do Brasil, a fast-growing trading company, is part of U.S. commodities trader Gavilon Group LLC, which is owned by Japan’s Marubeni Corp.

In the 12 months through March 2019, Gavilon’s Brazil unit booked 10.6 billion reais ($2.58 billion) in net sales, a 114% annual rise driven by a sharp increase in soybean volumes, according to public filings.

Gavilon declined to comment on the new hire. In a statement sent to Reuters, ADM confirmed Grimaldi’s departure but said it did not have any information “on his next professional challenges”.

Grimaldi is replacing Fabrício Mazaia who was dismissed as head of Gavilon’s Brazilian unit in May as part of an ongoing management shakeup.

Mazaia told Reuters in August 2018 Gavilon do Brasil aspired to become Brazil’s largest non-traditional, “asset-light” soybean exporter to China in three years despite being a relatively new entrant in the market.

Gavilon do Brasil originated 5.55 million tonnes of soybeans in the 12 months through March 2019, a 76% rise from the year before.

By Ana Mano

Source: Reuters