By Neena Rai
LONDON--Agricultural trading giant Louis Dreyfus Commodities BV
said Wednesday that Mayo Schmidt won't take over as chief executive
as planned after a disagreement over terms and conditions of his
employment.
Mr. Schmidt was named as the CEO in late November, after an
18-month search, and had been expected to join the firm in January.
In a statement, Louis Dreyfus said it would restart the search for
a CEO "immediately."
"Following a more detailed analysis of the terms and conditions
of their planned employment relationship, Louis Dreyfus Commodities
and Mr. Schmidt have jointly decided not to proceed with the
engagement, while retaining the highest mutual professional
respect," the company said.
Louis Dreyfus said that in the interim, deputy CEO Claude
Ehlinger will "oversee the operational leadership of the
company."
Louis Dreyfus, along with competitors such as Archer Daniels
Midland Co., Bunge Ltd. and Cargill, Inc, is one of the main global
traders of agricultural commodities. It is among the top
merchandisers of cotton, sugar, rice and citrus fruits.
Write to Neena Rai at neena.rai@wsj.com
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