US: Cargill CFO Rial to leave business
By Dean Best | 2 November 2012
Cargill CFO Sergio Rial is to leave the US agribusiness giant at the end of the month, the company announced today (2 November).
Rial is returning to his native Brazil for "personal reasons", Cargill said. David MacLennan, the group's president and COO will take on the CFO role on an interim basis until a permanent replacement is found. MacLennan was Cargill CFO between 2008 and 2011.
Rial joined Cargill in 2004 when he took a role within the company's group of food businesses. He accepted a position in Cargill's financial services team in 2009.
Last month, Cargill reported a quadrupling in its first-quarter profits, boosted by higher demand for its services due to a drop in yields resulting from poor weather, particularly in the US.
In its last financial year, Cargill's profits fell 56% as volatile commodity markets and a downturn in the North American beef sector hit earnings.
Last month also saw Cargill sell its cultures and enzymes business to Dutch ingredients giant DSM.
Show the press release
Cargill CFO to step down at month's end; President and COO to become interim CFO
MINNEAPOLIS, Nov. 2, 2012 /PRNewswire/ -- Cargill today announced that Sergio Rial, its chief financial officer, will resign his post with the company effective at the end of November in order to return to his native Brazil for personal reasons. Cargill President and Chief Operating Officer David MacLennan will serve as interim chief financial officer until the Cargill Board of Directors elects a successor.
MacLennan joined Cargill in 1991 and has held management positions within the financial, risk management, energy and animal protein businesses. He previously served as Cargill's chief financial officer from 2008 to 2011. While in the interim role, MacLennan will continue as the company's president and chief operating officer.
"Since joining us in 2004, Sergio has energized our growth in Latin America and provided vigorous and thoughtful leadership as a member of the Cargill Leadership Team and Board of Directors and as chief financial officer," said Cargill Chairman and Chief Executive Officer Greg Page.
Rial served as a leader of Cargill's group of food businesses since 2004 and of Cargill's financial services businesses since 2009. He became a senior vice president and member of the Cargill Leadership Team in 2009. He also served as the company's regional director for Latin America and as executive chairman of CarVal Investors, an independently managed Cargill subsidiary. He was elected to the Cargill Board of Directors in 2010 and elected chief financial officer in 2011.
Cargill is an international producer and marketer of food, agricultural, financial and industrial products and services. Founded in 1865, the privately held company employs 142,000 people in 65 countries. Cargill helps customers succeed through collaboration and innovation, and is committed to applying its global knowledge and experience to help meet economic, environmental and social challenges wherever it does business. For more information, visithttp://www.cargill.com
Original source: Cargill