Louis Dreyfus Commodities Says Mayo Schmidt Won't Take Over as CEO

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.

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