ADM names veteran grain chief to run cocoa unit after dropping sale plan
NEW YORK May 7 (Reuters) - Archer Daniels Midland Co has appointed a veteran grains trader to run its niche cocoa operations in a management reshuffle just weeks after the U.S. agribusiness scrapped plans to sell the business.
Ian Pinner, a 15-year ADM veteran who had been president of the larger grains business until last month, has been named president of global cocoa, where he will oversee the cocoa press operations which extend from Ivory Coast to Germany to Brazil.
This is Pinner's second job in as many months. In April, he was made president of corporate strategic and financial planning, a new job created to drive ADM's business performance plans. He will relinquish that position.
He is replacing Scott Walker who will become vice president of oilseeds portfolio optimization and will lead the sale of the loss-making chocolate business, it said.
The changes come as ADM prepares to divest its chocolate manufacturing operations after ditching plans to sell the cocoa business in its entirety following the collapse of long-running talks. (Reporting by Josephine Mason; Editing by Mohammad Zargham)