(Repeats MAY 5 story, no change to text)
LONDON/PARIS May 5 COFCO International has
nominated Serge Schoen, a former chief executive of Louis
Dreyfus, to become an independent director on its board, the
Chinese-owned trading group said, as it continues a leadership
shake-up after a brace of overseas acquisitions.
Schoen's appointment is pending approval by COFCO
International's shareholders. As part of his board position he
would head a risk management committee, a spokesman told Reuters
by email on Friday.
COFCO International, controlled by China's COFCO group
, is in the midst of reorganising itself after
completing the takeover of Dutch-based trader Nidera earlier
The full acquisition of Nidera came after COFCO invested $3
billion in buying Noble Group's agribusiness and
taking a majority stake in Nidera, deals that propelled the
group into the league of major global grain trading firms.
COFCO last month formally merged the international trading
activities into a single firm under the COFCO International name
and is in the process of moving several senior managers, led by
new chief executive Johnny Chi, from China to the company's
international headquarters in Geneva.
As CEO of Louis Dreyfus Co between 2005 and
2013, Schoen oversaw rapid growth at the trading house during a
boom period for agricultural commodity markets, during which
Dreyfus notched up a record annual net profit of $1 billion.
He later served as chairman and then vice chairman on the
Louis Dreyfus board while majority shareholder Margarita
Louis-Dreyfus oversaw a series of management changes.
After leaving Louis Dreyfus last year, Schoen launched a
private investment firm called EightStone.
COFCO's acquisitions have made it into a potential
challenger to the so-called ABCD quartet of global agricultural
trading groups comprising Archer Daniels Midland, Bunge
, Cargill and Dreyfus.
(Reporting by Gus Trompiz and Jonathan Saul; Editing by G
Crosse and Leslie Adler)