Global grains trader Bunge Ltd’s Chief Executive Officer Soren Schroder has stepped down after months of pressure from shareholders to shake up the company amid a prolonged decline in crop prices, reports Reuters.
Bunge bowed down to the demands of investors D.E. Shaw and Continental Grain in October, adding three board members and saying it would consider options including selling itself. Later in December, the company also named the CEO of agrichemicals company Syngenta to its board.
The company was the target of failed takeover bids from rivals ADM and commodities trader Glencore. Bunge is open to reengaging with both Glencore and ADM with the departure of Schroder, Bloomberg reported.
Schroder, who served as CEO since 2013, will continue in his current role until a successor is named, the company said in a statement.
