May 7, 2019 / 7:13 PM / a year ago

UPDATE 1-Cargill Brazil head to step down as firm prepares transition

(Adds details of management change, context)

By Ana Mano

SAO PAULO, May 7 (Reuters) - The chief executive of commodities trader Cargill Inc in Brazil since 2012, Luiz Pretti, is preparing to step down, two sources familiar with the matter told Reuters on Tuesday.

Pretti, who one of the sources said would stay on until December, started at the company in 2005 in the financial department, according to his LinkedIn profile.

In a statement sent to Reuters on Tuesday, Cargill confirmed the company “is preparing a transition” of leadership in Brazil, but declined to elaborate.

Under Pretti’s command last year, Cargill Inc’s profits grew by more than 14 percent to 680 million reais ($171 million) in the South American country, where the company plans to invest 500 million reais throughout 2019.

One of the sources said Pretti will also resign from the helm of Banco Cargill, the trader’s banking unit, which farmers can use to finance crops.

Cargill, one of Brazil’s largest exporters of soybeans and corn, said it will provide more details on the transition in due course. (Reporting by Ana Mano Editing by Tom Brown and Jonathan Oatis)

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