(Adds details on ADM's head of global grain trade, background)
SINGAPORE/CHICAGO Jan 13 Archer Daniels Midland
Co has become the latest global agricultural trader to
undergo senior management changes as the sector grapples with a
grain glut that is depressing prices.
The chief executive at the U.S.-based firm's trading arm in
Asia, Frederik Groth, has left the company, two traders and a
company source said on Friday.
In November, Patrick Heijbroek became the company's global
head of grain trade, a change from his experience trading
vegetable oils earlier in his career, according to his LinkedIn
ADM spokeswoman Jackie Anderson said on Friday the company
does not comment on personnel matters.
The changes come after a volatile year for global commodity
traders, with bumper crops in major growing nations like the
United States and production shortfalls in South America jarring
markets for corn and soybeans and intensifying
competition among merchants.
Losses stemming from ADM's global trading desk contributed
to a 53 drop in first quarter profit last year.
Groth came to ADM via German-based commodity trader Toepfer
International, where he served as CEO of its Asia unit from 2012
to 2014, according to his LinkedIn profile.
In June 2014, ADM took full ownership of Toepfer after
amassing an 80 percent stake and renamed the nearly century-old
company as ADM Germany.
Heijbroek formerly worked as a senior trader for COFCO Agri,
according to his LinkedIn page.
Last week, COFCO Agri, the international grains business of
China's state run COFCO Corp, said that Matt Jansen
had resigned as CEO after 18 months.
Kevin Brassington, COFCO Agri's global head of grains and
oilseeds, also left, according to a source familiar with the
Jansen and Brassington formerly worked for ADM.
(Reporting by Naveen Thukral in Singapore, Dominique Patton in
Beijing, and Tom Polansek and Karl Plume in Chicago; Editing by
P.J. Huffstutter and Bill Trott)