LONDON Jan 13 Selina Yang has been appointed as
chief operating officer of COFCO Agri, the international grains
business of China's state run COFCO group, according
to an internal memo from the division seen by Reuters.
Yang will be responsible for the global grains, oilseeds and
cotton business, having previously been head of business
integration with the parent group COFCO.
COFCO Group said last week that Matt Jansen had resigned as
CEO of COFCO Agri - 18 months after joining. It named COFCO vice
president Jingtao Chi, who is known as Johnny, as chief
executive of both COFCO Agri Ltd and COFCO International Ltd to
The changes come after a tough year for global commodity
traders, with bumper crops in major growing nations like the
United States pressuring prices of corn and soybeans
and intensifying competition among merchants.
Officials at COFCO Agri and the parent group could not be
immediately reached for comment.
The memo also named the heads of business segments who will
report to Yang including Crawford Tatum, its global head of
Two sources familiar with the matter told Reuters last week
that Kevin Brassington, COFCO Agri's global head of grains and
oilseeds, had also left, which was confirmed in the memo.
COFCO has been on a major global expansion drive in recent
years, investing over $3 billion to buy Noble Group's
agribusiness as well as a large stake in Dutch grain trader
Since first investing in Nidera in 2014, COFCO has had
several setbacks, including a $150 million financial hole in its
Latin American operations and $200 million in unauthorized
trading losses on its biofuels desk.
(Reporting by Jonathan Saul and Nigel Hunt in London and
Dominique Patton in Beijing; Editing by Veronica Brown and Keith