Bunge CEO Soren Schroder is resigning after five years leading the grain trader, Reuters reports. The move follows months of pressure from investors to shake up company leadership amid a global grain slump.
Dating back to last year, the 200-year-old company has posted a string of weak earnings reports, leaving Bunge vulnerable to takeover efforts by rivals Glencore and Archer Daniels Midland.
Schoder will continue to lead the company until his replacement is named, the company said. Bunge, which has the headquarters of its North American division in Chesterfield, also appointed Kathleen Hyle, a current board member, to become chairman of the board. She replaces L. Patrick Lupo.
That’s the latest in a series of board changes for Bunge, which in October announced it was adding four new board seats amid increasing pressure from activist investors to sell.
With Schroder’s departure, Bunge is open to discussions with both rival firms about a potential tie-up, Bloomberg reports.