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Bunge Names CEO, Offers Profit Warning

Gregory Heckman named acting CEO; company estimates shortfall of $90M to $100M

Profit loss risk

Bunge Ltd. appointed the former head of a rival agricultural trading house as chief executive officer in a move that may revive talks of a sale of the 200-year-old firm, reports Bloomberg.

Gregory Heckman was named as acting CEO to replace Soren Schroder, whose departure was announced last month.

According to Bloomberg, Heckman headed Gavilon through the grain trader’s acquisition by Japanese giant Marubeni Corp., and has held senior executive roles at ConAgra Foods.

In a statement Tuesday, Bunge also issued a profit warning, citing Chinese soybean trade and lower Brazilian biofuel prices.

According to the report at Bloomberg, for full-year 2018, Bunge now estimates an agribusiness “shortfall” of $90 million to $100 million.

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