Louis Dreyfus Commodities, one of the world’s largest traders of grain and other commodities, lost two top managers at once. The company was abandoned by CEO Gonzalo Ramirez Martiarena and by its financial director Armand Lumens, Financial Times writes.
Their departure was a surprise for the market, and at the same time heated up rumors about disagreements about the company’s strategy with the controlling shareholder Margarita Louis-Dreyfus.
The publication notes that after the death of her husband in 2009, she inherited the family company and since then she has been constantly trying to strengthen its control over the business, changing top-managers.
By the way, Martiarena worked in Louis Dreyfus from 2015, Lumens joined the company in March last year.
Now the CEO said that he was leaving his position for other opportunities. The financial director resigned allegedly for personal reasons.
At the same time, market participants expect that the sudden resignation of two key managers at once can cause large trading losses for the company and speculation on this.
The company says that their departure is not related to the financial results of the half-year, which the company intends to publish in October.
In addition, today, Louis Dreyfus announced the appointment of new “tops”. Ian Mackintosh, who previously served as director of strategy, will work as the CEO in the company. The position of the financial director was occupied by Federico Cerisoli, who previously worked as Deputy Financial Director.
We recall that Louis Dreyfus is among the four largest agro-traders in the world, the so-called ABCD. They have been controlling the world trade in agricultural products for more than a century. This includes Archer-Daniels-Midland Co. (ADM), Bunge Ltd. and Cargill Inc.