11/12/2018 | Ingredients, Particulars

Bunge: CEO Schroder to step down, takeover rumours reintensify

Bunge has announced Soren Schroder will step down as CEO of the struggling agricultural giant. To ensure a smooth leadership transition, Schroder, who has headed the agriculture, food and ingredients supplier since 2013, will continue in his current role until a successor is named. The Board has established a search committee to identify the company’s next CEO.

The move comes as Bunge seeks to placate investors upset by its performance. It will open up debate about whether the company is up to new takeover approaches. According to reports, Schroder’s departure will remove a hurdle to further talks with would-be buyers. ADM and a unit of Glencore held merger talks with Bunge in 2017 and earlier this year without reaching a deal. Bunge, which has struggled to navigate an agricultural downturn that has lasted for several years and more recently a trade war between the US and China, seems to be open to reengaging with both Glencore and ADM.