ZURICH Oct 18 The world's largest agrochemicals
company Syngenta AG has appointed ABB
finance chief Michel Demare as its new chairman.
Syngenta, which makes products to kill weeds and bugs as
well as genetically modified seeds, said Demare will succeed
Martin Taylor from the next annual general meeting on April 23,
2013. Taylor had already announced he is retiring.
"We see this appointment as positive for Syngenta," said
Kepler analyst Bettina Edmonston, noting that Demare had
previously worked for medical products maker Baxter
International Inc and Dow Chemical Co.
ABB said in a separate statement that Demare, 56, was
stepping down to concentrate on his board mandates and said a
successor would be announced in due course. Demare joined ABB in
2005 and acted as interim CEO for part of 2008.
Vontobel analyst Panagiotis Spiliopoulos said Demare was a
loss for ABB.
"However, ABB is very well positioned to successfully
execute on its strategic initiatives and achieve its 2015
Syngenta shares were up 0.6 percent at 347.1 Swiss francs at
0725 GMT, while ABB rose 0.3 percent to 18.15 francs, compared
to a 0.6 percent weaker Swiss blue-chip index.