Corn Products International, Inc. (NYSE: CPO) yesterday announced that its board of directors elected Samuel C. Scott, 56, to chairman and chief executive officer effective February 1, 2001.
Scott, currently president and chief operating officer, will succeed Konrad Schlatter, 65, who has served the Company in that position since it became an independent public company upon its spin-off from CPC International Inc. on December 31, 1997. Schlatter will retire at the end of January 2001, but will continue to serve on the Company’s board of directors.
“I am very pleased to announce on behalf of the board Sam Scott’s elevation to the Company’s top position,” said Schlatter. “It demonstrates the board’s confidence in Sam, and acknowledges his outstanding contribution to our Company, as well as our trust in his leadership capability. Sam and I have worked closely together during the initial three years of our newly independent public company, forging our ambitious growth strategy and implementing it. The board and I are confident that Sam’s appointment will ensure strategic continuity.”
Scott joined the former company, CPC International Inc., in 1973 in the business management area of the North American Corn Refining Business. He became the manager of the high fructose corn syrup business in 1976 and general sales manager for the western region in 1980. In 1982, he became CPC’s North American Corn Refining Business vice president sales, was named its executive vice president in 1988 and was promoted to its president in 1989. He was elected a corporate vice president of CPC in 1991. In 1995, he became president of CPC’s worldwide Corn Refining Business. He assumed his present position of president and chief operating officer of Corn Products International, Inc. upon the announcement of the spin-off as a separate and independent company.
Scott is a member of the board of directors of Corn Products International. He also serves on the board of directors of two other companies, Motorola, Inc., where he is chairman of the compensation committee and Russell Reynolds Associates. He has a bachelor’s degree in engineering and a master’s degree in business administration from Fairleigh Dickinson University.
The outgoing chairman and chief executive officer, Schlatter, a native of Switzerland and educated there, started his career with CPC International, the predecessor of Corn Products International, Inc. almost 45 years ago in Paris, France. The first 15 years encompassed assignments in several European countries. From there he moved to Asia for 12 years, where he held a number of local and regional management positions. In 1982, he transferred to CPC’s US headquarters, and rose to the position of chief financial officer before assuming his current position in Corn Products International, Inc. in 1997.
Corn Products International, Inc. is one of the world’s largest corn refiners and a major supplier of high-quality food ingredients and industrial products derived from the wet milling and processing of corn and other starch-based materials. The Company is the No. 1 worldwide producer of dextrose and a leading regional producer of starch, high fructose corn syrup and glucose. In 1999, the Company recorded sales of $1.7 billion with operations in 22 countries at 43 plants, including wholly owned businesses, affiliates and alliances. Headquartered in Bedford Park, Ill., it was founded in 1906 and became an independent public company on December 31, 1997. The Company is listed on the New York Stock Exchange under the symbol CPO. Additional information can be found on the World Wide Web at www.cornproducts.com.