Bunge

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“Connecting Farmers directly to end consumers”

Gregory A Heckman, CEO Bunge: The company is structurally positioned for success, according to him.

Gregory A. Heckman, Bunge Ltd.’s chief executive officer (CEO), said the company’s portfolio-reshaping phase “is essentially behind us,” having achieved considerable change over the course of 2019 and 2020. Bunge is structurally positioned for success in the future, and it is more likely to be a buyer of enterprises than a seller.

He stated, “We’ve earned the right to grow.” “We’ve had a number of quarters of consistent success over the last year and a half, and now we’re looking at growth.”

Gregory A. Heckman, Bunge Ltd.’s Chief Executive Officer (CEO), claimed that the company’s portfolio-reshaping period “is essentially behind us,” having effected considerable transformation during the course of 2019 and 2020 notwithstanding pandemic. Bunge is structurally positioned for success in the future, and it is more likely to be a buyer of enterprises than a seller. According to him, the company’s position as a major worldwide oilseed processor provides a great platform for expansion into new areas.

Heckman took over as CEO in January 2019, when the company was suffering and facing serious issues. While the board conducted a search for a permanent CEO, Heckman undertook a detailed strategic analysis and assumed the top position. He requested to be designated acting CEO rather than interim CEO, seeing an immediate chance to raise the organisation and the foiling of the company’s worldwide leaders wanting to drive the company ahead.

Heckman went on a global “listening tour” soon after being named CEO, which allowed him to meet and listen to the company’s regional leaders. He used these ideas to help develop Bunge Ltd., and he worked tirelessly to improve the company’s portfolio on a daily basis. Bunge is now a global leader in the oilseed processing industry.

Some difficult decisions

Bunge has implemented changes to its management and operations structure, as well as its asset base, since Heckman was chosen CEO in January 2019. These changes were intended to react to fundamental worldwide trends in agricultural production and commerce that the company was not prepared to meet. Bunge tried to optimise its portfolio as part of the adjustments, focusing on key businesses:

Bunge completed the transfer of its Brazilian sugar and bioenergy assets to a joint venture with BP in December 2019.

Seara Alimentos SA also announced in December 2019 that it has struck an agreement to buy Bunge Ltd’s margarine and mayonnaise businesses in Brazil.

Bunge said in January 2020 that its 13-year investment in Southwest Iowa Renewable Energy, LLC would come to an end (SIRE). Bunge’s stake was repurchased by SIRE.

Farmers’ Rice Cooperative announced in November 2020 that it has struck an agreement to purchase Bunge’s rice mill in Woodland, California.

Bunge Loders Croklaan and Neste Corp. agreed to sell a refinery in Rotterdam, Netherlands, for €258 million in cash in the same month.

The company’s judgement on which businesses to keep was based on whether it anticipated a potential path toward sufficient profits.

“You don’t become a 200-year-old corporation without making some tough decisions,” Heckman explained. “Decisions that have a direct impact on our valued personnel are the most hardest to make.” The openness and honesty with workers about our vision and thought process behind the decisions made, and how they would eventually make us stronger as a company, has been critical in navigating through these changes internally.”

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