The chief executive of commodities giant Louis Dreyfus is stepping down in a surprise move after just one year, leaving the group to seek a new CEO as it overhauls corporat structure to more closely resemble a public company.
Chief Executive Officer Ciro Echesortu is to leave the position as of June 1, with Chief Financial Officer Claude Ehlinger becoming interim CEO, Louis Dreyfus Commodities said in a statement.
Dreyfus last month reported a sharp fall in annual profits, citing the knock-on effects on grain markets from a severe U.S. drought, but stuck to plans to spend $4 billion over the next five years as it attempts to double in size.