Bunge adds former Obama environmental adviser to board

Wed Jul 31, 2013 12:32pm EDT
 
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CHICAGO, July 31 (Reuters) - Agribusiness company Bunge Ltd on Wednesday named Carol Browner, a former top energy and environmental adviser to U.S. President Barack Obama, to its board of directors.

Bunge, one of the world's largest agricultural trading houses, said Browner will join the board as an independent director on Aug. 5.

Browner, 56, lead the U.S. Environmental Protection Agency for all eight years under former President Bill Clinton. From 2009 to 2011, she served as an assistant to Obama and director of the White House Office of Energy and Climate Change Policy, where she oversaw coordination of policies across the federal government.

Bunge is among the 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.

Browner joins the board as the company is seeking to boost financial results.

Bunge, which makes money by buying, selling, transporting and processing crops, last week reported net earnings of $110 million for the second quarter that ended June 30, compared with $265 million for the same quarter a year earlier.

Chief Executive Soren Schroder, who took the reins on June 1, said financial results "must improve" and that he was reducing capital expenditures.

Shares were up 0.6 percent on Wednesday and have gained about 6 percent this year.