Cargill Executive Appointed CEO of The Andersons Inc.
Ohio-based grain handler, The Andersons Inc., has appointed Cargill vice president and leader of Cargill’s food ingredients unit, Patrick Bowe, as its new chief executive effective November 2.
Mr. Bowe will be replacing Michael Anderson, who has served as The Andersons’ chief executive for the past 16 years. Mr. Anderson will remain as chairman of the board.
The appointment by The Andersons, long considered a target for acquisition due to its diversified assets including storage and rail cars, points to the company’s intention to expand instead of being acquired according to Heather Jones, senior equity research analyst for BB&T Capital Markets.
Indeed, in May of this year, Michael Anderson stated that the company was not seeking to be acquired after Richardson International, one of Canada’s largest handlers, voiced interest in the company.
Bowe will receive a salary of $900,000 per year with potential bonuses according to a filing with the U.S. Securities and Exchange Commission – 58% higher than Michael Anderson’s salary of $570,000 last year.
Reuters reports that Mr. Bowe was not available to discuss future plans for The Andersons, but company spokeswoman, Debra Crow states that he was looking forward to “capitalizing on the unique opportunities that lie ahead”.