Bunge CEO Schroder to step down amid investor pressure

[December 10, 2018]  (Reuters) - Global grains trader Bunge Ltd's <BG.N> Chief Executive Officer Soren Schroder has stepped down after months of pressure from shareholders to shake up the company amid a prolonged decline in crop prices.

Bunge bowed down to the demands of investors D.E. Shaw and Continental Grain in October, adding three board members and saying it would consider options including selling itself. Later in December, the company also named the CEO of agrichemicals company Syngenta to its board.

The company has been grappling with low crop prices and the ongoing trade war that has slashed U.S. crop exports to China. It was also the target of failed takeover bids from rivals ADM <ADM.N> and commodities trader Glencore <GLEN.L>.

Bunge is open to reengaging with both Glencore and ADM with the departure of Schroder, Bloomberg reported https://www.bloomberg.
com/news/articles/2018-12-08/bunge-is-said-open-to-talks-with-glencore-adm-as-ceo-to-leave on Saturday, citing a person familiar with the matter.

Schroder, who served as CEO since 2013, will continue in his current role until a successor is named, the company said in a statement.

White Plains, New York-based Bunge also appointed board member Kathleen Hyle as chairman, effective immediately. Hyle, most recently, was the head of the audit committee at the company's board.

Hyle will be part of the search committee created to appoint a new CEO.

(Reporting by Shanti S Nair in Bengaluru; Editing by Saumyadeb Chakrabarty)

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