April 24, 2019 / 8:32 PM / a year ago

UPDATE 1-France's Tereos appoints new execs amid industry-wide sugar slump

(Adds details from the statement, context)

PARIS/SAO PAULO, April 24 (Reuters) - French sugar processing group Tereos has appointed a raft of new executives as part of a global reorganization to weather an industry-wide slump.

Effective immediately, Alex Leite will be executive director of its sugar trading division Tereos Commodities Sugar, it said in a statement on Wednesday, while two new executives will be appointed under a new corporate structure that will entail “a clear distinction between the raw and white sugar books,” the company said.

Tereos, the world’s second-largest sugar producer, said Omar Al-Dahhan will lead raw sugar and Pat Dean the white sugar unit.

Tereos Commodities Sugar “had reached a size and stage in its growth requiring additional focus to optimize its presence and results,” it said.

Tereos, which is forecasting falling profit this year due to a slump in global prices for sugar, has been carrying out an extensive reshuffle in recent weeks that saw its chief financial officer departing, among others.

It said on Wednesday that Marcelo Escorel Filho, who had been appointed as head of the Brazilian branch of Tereos Commodities in July 2018, would leave the company, with Leite assuming his responsibilities.

Leite, formerly head of international business development and M&A, will report to Philippe Huet, who was recently named head of trade, marketing activities and chief of Tereos Commodities.

In Brazil, which accounts for most of Tereos’ international revenues, both the CFO and the agricultural director were also leaving, Tereos said last month. (Reporting by Sybille de La Hamaide in Paris and José Roberto Gomes in São Paulo; Writing by Ana Mano Editing by Tom Brown and Rosalba O’Brien)

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