UPDATE 1-Louis Dreyfus back to drawing board as Schmidt CEO appointment falls through

Wed Dec 31, 2014 11:14am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Group says Mayo Schmidt will not take up CEO post

* Commodity trader had nominated ex-Viterra boss last month

* Family firm still favours external hire - sources (Adds source-based detail on CEO search, context)

PARIS/LONDON, Dec 31 (Reuters) - Louis Dreyfus Commodities made a surprise announcement on Wednesday that newly appointed Chief Executive Mayo Schmidt would not take up his post, forcing the global trading group to resume the CEO hunt it first launched in April.

The former head of Canadian grain handler Viterra had been due to start on Jan. 5 after being nominated by Louis Dreyfus at the end of November in the latest stage of a corporate shake-up at the 163-year-old family-owned business.

"Following a more detailed analysis of the terms and conditions of their planned employment relationship, Louis Dreyfus Commodities and Mr. Schmidt have jointly decided not to proceed with the engagement," the company said in a statement.

"The search for the CEO of Louis Dreyfus Commodities will resume immediately."

A spokeswoman for Louis Dreyfus declined to comment further.

Whatever the problems were, they appear to have come to a head in the past week, given that Schmidt stepped down from the board of Canadian fertiliser company Agrium Inc on Dec. 22 ahead of his planned arrival at Louis Dreyfus.   Continued...