- Push-out Score suggests push-out forces
- After about five and a half years in the position
- Accolades and praise for Schroder
- Search for a successor
- Schroder kept it short and said 38 words
(exechange) — White Plains, New York, December 10, 2018 — Soren Schroder, chief executive of Bunge, leaves. As announced by Bunge Ltd. in a news release on Monday, December 10, 2018, Soren W. Schroder leaves his post as Chief Executive Officer at the agribusiness and food company after about five and a half years in the role.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9 years, according to data compiled by exechange.
To ensure a smooth leadership transition, Schroder will continue in his current role until a successor is named.
Bunge will undertake a search for a successor.
“The right time”
Soren Schroder’s departure from the CEO post is explained as follows. Schroder said: “We are making solid progress, and it is the right time to turn over the leadership reins.”
Precise information about Soren Schroder’s future plans was not immediately available.
Bunge said: “Chief Executive Officer Soren Schroder will step down.”
Share price decline
The change follows a decline in Bunge Limited’s share price of 35 percent since June 2015.
In the position of CEO since 2013
Schroder became the Company’s CEO in June 2013.
He has been a member of the Company’s Board since May 2013.
From 2010 to 2013 he was CEO, Bunge North America, leading Bunge’s business operations in the United States, Canada and Mexico.
Since joining Bunge in 2000, he has served in a variety of agribusiness leadership roles at the Company in the United States and Europe.
Prior to joining Bunge, he worked for over 15 years at Continental Grain and Cargill.
He received a B.A. in Economics from Connecticut College.
Generally speaking, when a top leader announces to step down with no successor in place, it’s a sign that the move was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Soren Schroder’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 51.2018 ($).