Louis Dreyfus CFO to go in latest change at commodity firm

lunes 27 de junio de 2016 11:51 GYT

PARIS, June 27 (Reuters) - Louis Dreyfus is parting ways with its finance chief in the latest management change at the 165-year-old commodity trading house, which is being overhauled by majority owner Margarita Louis-Dreyfus.

Like other trading firms, Louis Dreyfus has been grappling with a cut in margins due to ample supply of commodities, lower prices and slower economic growth. This has led to trading houses restructuring and refocusing their businesses.

Sandrine Teran, who has been with Louis Dreyfus since 2008, will leave her post at the end of month to pursue other opportunities, but will remain as an adviser to the group in the coming months, the firm said in a statement on Monday.

It said Federico Cerisoli, CFO for Europe, the Middle East and Africa, would be the interim group CFO.

"We are launching a thorough and structured search for a successor to the CFO role, which is crucial in the pursuit of our ambitions and plans, and in the execution of our long-term business transformation," Chief Executive Officer Gonzalo Ramirez Martiarena said in the statement.

Louis Dreyfus, one of the so-called "ABCD" quartet of global agricultural commodity traders alongside Archer Daniels Midland , Bunge and Cargill, promoted former Asia head Ramirez last year and charged him with leading a new 10-year growth plan.

In other changes, Serge Schoen, who led Louis Dreyfus to record profits as CEO between 2005 and 2013, left the company last month having served on its board since stepping down as chief executive.

Louis Dreyfus reported in March that net profit dropped 67 percent to $211 million last year, and confirmed it was seeking partners to help some of its businesses expand. (Reporting by Gus Trompiz; Editing by Alexander Smith)