CHICAGO, April 9 (Reuters) - Agricultural processor Bunge Ltd on Tuesday named a new head for its North American arm in a management move linked to the retirement of the company’s chief executive.
Todd Bastean, who has been Bunge North America’s chief financial officer since 2010, will become the unit’s CEO on June 1, according the company.
The company had previously announced that Soren Schroder, the current CEO of Bunge North America, will become CEO of Bunge Ltd on the same date.
Bastean and Schroder are moving up the corporate ladder as Alberto Weisser, the current CEO of Bunge Ltd, is retiring. Weisser transformed the company into one of the world’s largest agricultural trading houses from a regional operator over 14 years at the helm.
Bastean joined Bunge in 1994 and has worked in the milling and biofuels business units. He knows North American operations “inside and out,” Weisser said in a statement.
Bunge Ltd is set to report first quarter earnings in the coming weeks after swinging to an unexpected loss in the fourth quarter ended Dec. 31.
The company is among four large players, known as the “ABCD” companies, that dominate the flow of agricultural goods around the world. The others are Archer Daniels Midland Co, Cargill Inc and Louis Dreyfus Corp.
Cargill on Tuesday said lingering pressure from a historic U.S. drought hurt its North American meat processing business, contributing to a 42 percent drop in quarterly earnings.