Amid Board Shakeup, Louis Dreyfus Seeking out Investments in Middle East Port Logistics
Global commodity trader, Louis Dreyfus announced it has reduced its board size from seven to five members as part of the company’s redirection to focus on core business areas according to the Wall Street Journal.
Former Louis Dreyfus chief executive, Serge Schoen and former Goldman Sachs managing director, Steven J. Wisch will be stepping down from their roles on the board. Schoen had been CEO of Louis Dreyfus from 2006 to 2013, at which time he accepted a seat on the supervisory board.
The board will now be comprised of five members: Margarita Louis-Dreyfus, who will retain the title of non-executive chairperson, Jean-René Angeloglou, Michel Demaré, Medhi El Glaoui, and Dr. Jörg Wolle, according to a company statement.
The company has also stated that it is actively seeking out investments in Middle Eastern port logistics, particularly in Egypt as it sees development in the space falling behind market growth, reports Hellenic Shipping News.
“The markets are growing and in most cases the ports remain largely governmental and have probably been a little bit slower to move than the private sector,” James Wild, head of Louis Dreyfus Middle East and East Africa told Reuters, reports Trade Arabia.
As it looks to reduce its reliance on an oil-driven economy, Saudi Arabia is planning to privatize a range of state-owned enterprises under its Vision 2030 economic plan. As part of its privatization, Saudi Grain Organization (SAGO) is reportedly looking to sell a strategic stake in its operation, however it remains unknown if Louis Dreyfus will pursue the deal.