UPDATE 1-Cargill picks new CEO to take over Dec. 1
CHICAGO, Sept 11 (Reuters) - Agribusiness Cargill Inc on Wednesday said its chief executive officer will step down on Dec. 1 after six years on the job.
CEO Gregory Page, 62, will be replaced by David MacLennan, Cargill's president and chief operating officer, in a shuffle that is "the result of the company's ongoing succession planning with the board," according to a statement.
Minneapolis-based Cargill is one of the world's largest privately held corporations and a top commodities trader. It reported earnings of $2.31 billion for the fiscal year that ended May 31, compared with $1.17 billion a year ago.
Cargill, the largest U.S. grain exporter, is among four "ABCD" companies that dominate the flow of agricultural goods around the world. The others are Archer Daniels Midland Co , Bunge Ltd and Louis Dreyfus Corp.
MacLennan, 54, joined Cargill in 1991 and has worked in its financial, risk management, energy and animal protein businesses in the United States, London and Geneva. He became president and COO in 2011.
Page, who has worked for Cargill for 39 years, will become the company's executive chairman. In that role, he 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," according to Cargill.