Bunge Reorganizes Business for Second Time in 18 Months, Names New Leadership
Years of difficult grain market conditions have led Bunge to reorganize its global operations for the second time in just 18 months, and to appoint a new chief financial officer.
Hoping to better utilize its global assets, the changes have been implemented to mitigate some of the company’s recent risk management shortcomings. Aiming to reverse a string of weak earnings quarterly results, the company announced a new global model that pivots away from the company’s previous regional structure, which divided the business along the geographic regions of North America, South America, Europe, and Asia.
It is believed that the globalization of its business structure will speed up decision making, and increase flexibility, accountability, and focus on customers, according to Greg Heckman, who assumed the role of CEO last month.
As part of the overhaul, John Neppl, formerly of ethanol producer Green Plains Inc, was named CFO effective May 29. Additionally, Raul Padilla, former president of Bunge South America and sugar and bioenergy, was appointed as president of global operations and was tasked with overseeing crop handling and processing.