Cargill Elects to Replace Page as New CEO

12 Sep 2013

12 Sep 2013 --- Cargill has announced that its board of directors has elected David W. MacLennan, currently Cargill’s president and chief operating officer, as the corporation’s next chief executive officer effective Dec. 1, 2013, succeeding Gregory R. Page, 62, who will serve as executive chairman.

MacLennan, 54, will retain the title of president and continue as a director of the company. The transition is the result of the company’s ongoing succession planning with the board.

“Over the past several years, I have had the opportunity to work closely with David, especially in his roles as chief financial officer and chief operating officer, and I have been impressed with his leadership, his vision, and the breadth and depth of his knowledge and experience. This is a dynamic and diverse global company. We are excited about the opportunities ahead and have the highest confidence in David to deliver on that promise,” said Page.

MacLennan joined Cargill in 1991 and has held various leadership positions within the financial, risk management, energy and animal protein businesses in the United States, London and Geneva. He was elected Cargill’s president and chief operating officer in 2011. In 2008, he was named Cargill’s chief financial officer and elected to the Cargill Board of Directors. Prior to joining Cargill, MacLennan was a senior vice president with LIT America in Chicago and served as president of Fixed Income Capital Markets at U.S. Bancorp Piper Jaffray in Minneapolis. MacLennan earned a bachelor’s degree from Amherst College and a master of business administration from the University of Chicago. In addition to the Cargill board, he currently serves on the board of directors of C.H. Robinson Worldwide, Inc. and the Greater Minneapolis St. Paul Regional Economic Development Partnership (Greater MSP).

“I am honored by the trust the board has placed in me and feel privileged to have the opportunity to follow Greg Page, a truly outstanding leader and CEO,” MacLennan said. “Under Greg’s leadership, Cargill has seen remarkable growth across many dimensions, focused our operations on innovation and value-added products, helped our customers thrive and better positioned the company to help feed the world sustainably for years to come.”

In his role as executive chairman, Page will continue to lead the board and will represent the company in a variety of interactions and public forums with customers, policymakers and others, and will be available as a resource to the company.

Page was elected chief executive officer in 2007 and chairman later that same year. He was elected to the Cargill Board of Directors in 2000 and served as president of the company from 2000 until 2011. Page joined Cargill in 1974 as a trainee in its feed division and has held various leadership positions in Asia and North America. Prior to joining the senior management ranks, he led the startup of the company’s poultry processing operation in Thailand, the beef and pork processing operations of Cargill’s Excel subsidiary, and the company’s Financial Markets Group. He earned a bachelor’s degree in economics from the University of North Dakota. In addition to the Cargill board, he currently serves on the boards of directors of Carlson, Deere & Company, Eaton Corporation, Big Brothers Big Sisters of America and is president of the Northern Star Council of the Boy Scouts of America.

The Cargill Board of Directors also elected Emery N. Koenig, 57, as a vice chairman of the company. Koenig continues to serve as Cargill’s chief risk officer. Since joining Cargill in 1978, Koenig has worked in a variety of commodity trading and risk management roles in the United States and Switzerland. Koenig currently serves as chairman of Black River Asset Management, an independently managed subsidiary of Cargill. He was elected to the Cargill Board of Directors in 2010. He also serves on the board of directors of The Mosaic Company, and is a director of CARE USA and the Catholic Community Foundation, and a trustee for Minnesota Public Radio. He earned a bachelor’s degree in business management from the University of North Dakota.

Paul D. Conway, 56, will continue as a vice chairman of the company.

“We have an experienced leadership team, a strong ethical underpinning with a commitment to being a responsible global citizen, a balanced and resilient portfolio, and a strong global footprint, all the essential elements for continued success,” MacLennan added.