UPDATE 2-Cargill picks new CEO to take over Dec. 1

Wed Sep 11, 2013 2:45pm EDT
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By Christine Stebbins and Tom Polansek

CHICAGO, Sept 11 (Reuters) - Agribusiness Cargill Inc on Wednesday said its chief executive officer will step down on Dec. 1 in the latest management shuffle among the world's top agricultural trading houses.

CEO Gregory Page, 62, will be replaced by David MacLennan, Cargill's president and chief operating officer, as part of the company's ongoing succession plans, the company said.

MacLennan told Reuters that Cargill will keep on the same path set under Page's leadership, focusing on investments outside of North America while expanding their energy business to include more physical trade.

"Overall, we like our mix of hard asset businesses, primary and secondary processing, value-added foods, trading relative to risk management for our customers and our own businesses," he said.

MacLennan added that he does not see a change in the business mix of trading relative to processing "other than energy."

Minneapolis-based Cargill is one of the world's largest privately held corporations and a top commodities trader. It reported earnings of $2.31 billion for the fiscal year that ended May 31, compared with $1.17 billion a year ago.

Cargill, a leading global grains exporter, is among four "ABCD" companies that dominate the flow of agricultural goods around the world. The others are Archer Daniels Midland Co , Bunge Ltd and Louis Dreyfus Corp.   Continued...