USA – Bunge Ltd has appointed Robert Coviello as the company’s new executive vice-president and chief growth and strategy officer effective Jan. 1, 2019.
Coviello will report to Soren Schroder, chief executive officer (CEO) at Bunge Ltd.
He will drive the development of Bunge’s strategic plans, working alongside the executive committee to evaluate strategic alternatives and ensure Bunge’s strategy aligns with new trends and disruptive forces in the global agribusiness and food industry.
Prior to his promotion, he was managing director, Southeast Asia and China.
He joined the company in 2003, and has held a variety of commercial leadership positions in Asia, Europe and the United States.
Prior to Bunge, he held trading roles at Cargill in the United States and has a bachelor of arts degree from Dartmouth College and a master’s degree in business administration from Harvard Business School.
“Our industry faces countless opportunities for growth, differentiation and disruption, and Rob’s appointment to this role will advance our efforts to build on our strengths and further capitalize on these opportunities,” said Schroder.
Bunge had also appointed Christos Dimopoulos as new President, Agribusiness last month.
In the same month, the company expanded its board by adding four directors with a view to create a strategic review committee to explore options for the global grains trader, including a sale of the company.
This followed pressure from activist investors D.E. Shaw and Continental Grain Co. who wanted whole or part sale of the company to narrow its focus portfolio base.
The expansion of the board also preceded unsuccessful takeover bids by rival Archer Daniels Midland Co and commodities trader Glencore even as it continued to record a slump in earnings hurt by unstable crop prices.
Strong soy crush margins moderated during the quarter in some regions, resulting in positive new market-to-market of approximately US$155m at the end of the third quarter related to crush capacity commitments beyond the third quarter.
The grain giant however reported a stronger-than-expected third-quarter profit, but lowered its 2018 earnings outlook by US$100 million to US$1.2 billion with cuts to guidance in two of its four business segments.