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Louis Dreyfus trader exodus leaves hole in grain business

From Bloomberg:

A group resignation of Louis Dreyfus Co.’s grain traders, which sparked a crisis forcing top executives to end a trip in Asia and fly back to Geneva, will leave a significant hole in one of its most important businesses.

While the company has quickly moved to replace former global head of grains, David Ohayon, it will take time to fill the positions in the lower ranks. At least five other traders in the business left on Tuesday, including the regional head of grains for Europe and the Black Sea, according to people familiar with the matter.

The departures were due partly to disagreements over trading strategy, said one person with direct knowledge. Dreyfus wants to focus on trading of its physical grain assets, rather than proprietary buying and selling of paper contracts, the person said.

More at Bloomberg

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