Two Executives Leave Louis Dreyfus Supervisory Board
20 May 2016 - 3:40AM
Dow Jones News
Netherlands-based commodity trader Louis Dreyfus Company
announced it had reduced the size of its supervisory board
Thursday, in line with what it called a plan to focus on core
business areas.
The supervisory board now consists of five members, the company
said. Previously, the board had seven members.
Former Chief Executive Serge Schoen and former Goldman Sachs
Managing Director Steven J. Wisch are no longer listed.
Mr. Schoen was CEO of the company from 2006 to 2013, when he was
appointed to the supervisory board. Mr. Wisch joined the board in
2014.
The company said the changes were planned as part of a long-term
effort to focus on the company's main business areas as decade-long
gains in commodity prices have given way in recent years to a
commodities slump.
"The changes mark another step in the ongoing, progressive
evolution of the Group's management and supervisory structure,
geared towards the highest standards of governance and
professionalism," the company said.
Privately traded Louis Dreyfus is part of the so-called "ABCD"
of global commodities traders, which also includes Archer Daniels
Midland, Co. Bunge Ltd. and Cargill Inc.
In March, the company announced a 67% drop in annual net income
to $211 million from $648 million the previous year, a fall the
company attributed largely to currency moves, particularly in
agricultural giant Brazil. Executives also blamed the slowdown on
low volatility due to stable markets, which hurt trading
profits.
Margarita Louis-Dreyfus, the company's majority shareholder,
retains the title of nonexecutive chairwoman, according to a
statement. The other board members are Jean-René Angeloglou, Michel
Demaré , Mehdi El Glaoui and Jö rg Wolle.
Write to Katherine Dunn at Katherine.Dunn@wsj.com
(END) Dow Jones Newswires
May 19, 2016 13:25 ET (17:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Archer Daniels Midland (NYSE:ADM)
Historical Stock Chart
From Apr 2024 to May 2024
Archer Daniels Midland (NYSE:ADM)
Historical Stock Chart
From May 2023 to May 2024