Louis Dreyfus owner becomes chair of commodities holding
PARIS/GENEVA, July 10
PARIS/GENEVA, July 10 (Reuters) - Margarita Louis-Dreyfus has been appointed chairwoman of the supervisory board of Louis Dreyfus Commodities Holdings, the company said on Wednesday, handing greater responsibility to the owner of the global agribusiness group.
Louis-Dreyfus, who was already a member of the supervisory board, succeeds Mehdi El Glaoui, who will remain on the board as deputy chairman, the company said in a statement.
The move follows the resignation last month of Serge Schoen as chief executive of Louis Dreyfus Commodities, and his replacement by Ciro Echesortu, previously chief operating officer and head trader at the firm.
Louis Dreyfus - the "D" of the so-called ABCD majors including Archer Daniels Midland, Bunge and Cargill that have dominated trading in agricultural products - has been considering new sources of financing, including a public listing, as it tries to raise investment in increasingly prized agri-food markets.
Margarita Louis-Dreyfus, the widow of former head Robert Louis-Dreyfus, has since last year increased her stake in the group to 65 percent compared with about 50 percent a few years ago, according to a source familiar with the company. (Reporting by Gus Trompiz and Emma Farge; editing by Keiron Henderson)