DOW JONES NEWSWIRES
Corn Products International Inc. (CPO) named Ilene Gordon
chairman, president and chief executive, effective May 4, as part
of the food manufacturer's succession plan.
Gordon will succeed Samuel C. Scott III, who will retire in line
with company policy that senior executives step down by age 65.
Scott has served as chairman and CEO since February 2001 and
president since 2007.
The company was forced to revive its succession planning after a
failed deal with Bunge Ltd. (BG). Bunge decided to end the deal to
acquire Corn Products in November after Corn Products' board pulled
its support following a 60% decline in the all-stock deal's value,
to $1.72 billion. Bunge's shares had plunged along with commodity
prices.
Board member William Norman said that during Scott's tenure the
company "greatly expanded" its international operations, made key
acquisitions and passed $3.9 billion in net sales.
Gordon, 55 years old, has been president and CEO since 2007 of
Rio Tinto PLC's (RTP) Alcan Packaging, a global packaging business
with 130 factories in 30 countries that serves the food, beauty and
pharmaceutical industries. From 2004 to 2006 she served as
president of Alcan Food Packaging Americas.
Corn Products' shares closed Monday at $23.59 and haven't traded
premarket. The stock is off 18% so far this year.
-By Kerry E. Grace, Dow Jones Newswires; 201-938-5089;
kerry.grace@dowjones.com
