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December 23, 2002
Volume 80, Number 51
CENEAR 80 51 p. 5
ISSN 0009-2347
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MANAGEMENT
Monsanto CEO Also Out
WILLIAM STORCK
Hendrik A. Verfaillie resigned last week as president, CEO, and director of Monsanto, effective immediately. Chairman Frank V. AtLee III will serve as interim CEO while an external search is conducted.
AtLee says, “I want to be certain that shareholders of Monsanto understand that Hendrik’s resignation was mutual. Hendrik and the board agreed that the company’s performance during the past two years has been disappointing.” AtLee says there was no impropriety involved in Verfaillie’s decision to resign.
Recently, Monsanto has run into problems in South America, where economic conditions prompted the company to change its business model in Argentina and Brazil and forced it to set up a $100 million bad debt reserve. In the U.S., demand for its Roundup herbicide has slumped.
Verfaillie, a 26-year Monsanto veteran, became CEO in early 2000. He led the company through its merger with Pharmacia, a subsequent initial public offering, and a complete spin-off from Pharmacia earlier this year.
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Chemical & Engineering News
Copyright © 2002 American Chemical Society |
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