REFILE-UPDATE 1-Sugar group Tereos changes CEO for third time in two years
(Refiles to fix links)
PARIS, Sept 27 (Reuters) - Tereos, the world's second-largest sugar producer, said on Tuesday its interim chief executive officer Ludwig de Mot would step down at the end of this month, making it the third change in top management in the past two years.
The French cooperative group has seen repeated senior management changes and a deep review in its strategy since late 2020 when a long-running internal feud led to the ousting of its chairman and CEO.
Chief Executive Officer Philippe de Raynal had left the group after less than a year at the helm and was replaced by de Mot in April.
De Mot will be replaced by Gerard Clay, chairman of the board of directors, as managing director on an interim basis, Tereos said in a statement.
"The Board of Directors confirms the continuity of the Group's strategy defined since 2021 and continues, together with the operational teams, the transformation trajectory that is enabling the Group to record tangible results," it said.
Tereos, also an ethanol and starch producer with large activities in Brazil, reported last month a surge in core earnings for its first quarter ended June 30, as high market prices offset rising raw material and energy costs, but had warned soaring costs could lead to higher debt in the 2022/23 fiscal year. (Reporting by Sudip Kar-Gupta and Sybille de La Hamaide; Editing by Kirsten Donovan and Sherry Jacob-Phillips)
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