Bunge Chief Executive Schroder Will Step Down After Board Appointments

Bunge (BG) Chief Executive Soren Schroder will step down once a successor is named, the company said in a statement on Monday.

The move comes weeks after Bunge came to an agreement with DE Shaw Group and Continental Grain to appoint three new directors to its board. Paul Fribourg, the chair and CEO of Continental Grain Co., and three other new directors to its board were subsequently named to the board. A strategic review of the company was then initiated, resulting in the leadership transition, the Financial Times said.

Schroder, who’s been CEO since 2013, will stay in his role until a search committee identifies the next chief executive, Bunge said. Schroder joined Bunge in 2000 and served in several roles for the company.

“His tenure has included a significant strengthening of Bunge’s core activities in agribusiness and growth in food and ingredients, notably with the recent acquisition of Loders Croklaan,” the company said. “Mr. Schroder has focused on creating a simpler, more efficient organization, establishing a series of global partnerships, building a first-class team and increasing Bunge’s focus on customers.”

Shares were up more than 3% in pre-market trading Monday.

Kathleen Hyle, who’s been on the board since 2012, will become chairman effective immediately, and will serve on the search committee. L. Patrick Lupo, who’s been on Bunge’s board since 2006 and was chair since 2014, will remain on the company’s board.

Hyle was the head of the audit committee for the company’s board of directors for the past five years, was a senior vice president at Constellation Energy and was chief operating officer of the energy firm until her retirement in 2012 when Constellation merged with Exelon.

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