Two Executives Leave Louis Dreyfus Supervisory Board

Netherlands-based commodity trader Louis Dreyfus Company announced it had reduced the size of its supervisory board Thursday, in line with what it called a plan to focus on core business areas.

The supervisory board now consists of five members, the company said. Previously, the board had seven members.

Former Chief Executive Serge Schoen and former Goldman Sachs Managing Director Steven J. Wisch are no longer listed.

Mr. Schoen was CEO of the company from 2006 to 2013, when he was appointed to the supervisory board. Mr. Wisch joined the board in 2014.

The company said the changes were planned as part of a long-term effort to focus on the company's main business areas as decade-long gains in commodity prices have given way in recent years to a commodities slump.

"The changes mark another step in the ongoing, progressive evolution of the Group's management and supervisory structure, geared towards the highest standards of governance and professionalism," the company said.

Privately traded Louis Dreyfus is part of the so-called "ABCD" of global commodities traders, which also includes Archer Daniels Midland, Co. Bunge Ltd. and Cargill Inc.

In March, the company announced a 67% drop in annual net income to $211 million from $648 million the previous year, a fall the company attributed largely to currency moves, particularly in agricultural giant Brazil. Executives also blamed the slowdown on low volatility due to stable markets, which hurt trading profits.

Margarita Louis-Dreyfus, the company's majority shareholder, retains the title of nonexecutive chairwoman, according to a statement. The other board members are Jean-René Angeloglou, Michel Demaré , Mehdi El Glaoui and Jö rg Wolle.

Write to Katherine Dunn at [e-mail]

(END) Dow Jones Newswires

May 19, 2016 13:25 ET (17:25 GMT)

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