Gregory Heckman Named New CEO of Bunge
Bunge Ltd. has named agribusiness veteran Gregory Heckman as its new chief executive officer effective immediately.
Heckman had been a Bunge Board member three months ago when he stepped in as acting CEO upon the departure of Soren Schroder from the position. With 30 years experience in the agribusiness, food, and food ingredient sectors, Heckman had previously served as CEO of the Gavilon Group; in senior executive roles at ConAgra Foods; and was a founding partner of private investment firm Flatwater Partners.
The change in leadership follows on the heels of a tumultuous two-year period for the company caused by a global supply glut and ongoing trade war between the U.S. and China cutting profits for its core grain trading, handling, and processing businesses.
Heckman joined the Board in October of last year in response to investor pressure following repeated weak results making Bunge a target for takeover by rival ADM or Glencore. And his appointment to CEO is seen by the company as accelerating its commitment to execute strategic priorities established last quarter by Heckman, which are to improve performance, to focus on and optimize the Bunge portfolio, and to strengthen financial discipline.