Brazil’s BTG Pactual Loses Grain Execs Amid Commodities Shakeout
Two top grain executives have left Brazil’s BTG Pactual amid a global commodities rout that is causing upheaval for the world’s top grain traders.
Reuters reports that Larry Greenhall, BTG Pactual’s New York head of grains, oilseed and sugar trading left the group in February, according to two unnamed traders and two additional unnamed sources.
A second executive, BTG Pactual’s head global grains trader, Carl Desjardins, left the group in January to assume the role of chief trader for Olam International Limited’s grain division, according to his LinkedIn profile.
Multi-year low commodity prices and market volatility have been causing a shakeup across the world’s top grain traders as margins tighten. In 2015 Cargill Inc. restructured its leadership and cut jobs to increase efficiencies and facilitate speedier decision making abilities. And more recently, last week, three top grain executives with Gavilon including the company’s chief executive officer, chief operating officer, and head of grains left the company as its parent, Marubeni Corp., made the strategic decision to restructure with the goal of promoting growth and to safeguard its investment in the company.
BTG Pactual however, is also dealing with the additional challenges of boosting profits and instilling investor confidence after its founder, André Esteves was arrested late last year in connection with a corruption investigation. Mr. Esteves remains under house arrest.
In January BTG cut approximately 18% of its staff in Brazil with the goal of cutting costs by 25%, while it is also selling assets and ceasing certain trading operations.