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Cargill Hires GE's Former Finance Chief

16/03/2021 8:04pm

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By Nina Trentmann 

General Electric Co.'s former finance chief is taking over the purse strings at Cargill Inc., a private agricultural conglomerate with more than $100 billion in annual revenue.

Minneapolis-based Cargill on Tuesday said Jamie Miller will join the company as chief financial officer at the start of its new fiscal year on June 1. Ms. Miller, a rare outside hire for Cargill, will succeed current CFO David Dines, who has been in the role since December 2018. Mr. Dines plans to retire in September after 29 years with the company. Cargill in recent weeks has filled other key positions, including a chief operating officer, with company insiders.

Ms. Miller served as GE's finance chief from November 2017 to February 2020. The first woman in the role at GE, she was appointed during the short tenure of former Chief Executive John Flannery, who was forced out in October 2018 after the company missed its financial targets. His successor, Larry Culp, announced his decision to hire a new CFO in July 2019, roughly 10 months after he took over from Mr. Flannery. At GE, Ms. Miller was succeeded by Carolina Dybeck Happe, the former CFO of Danish shipping giant A.P. Moeller-Maersk A/S.

Ms. Miller had worked for GE since 2008, holding various leadership positions, including CEO of GE's transportation business and chief information officer. Ms. Miller also held operational responsibility for GE Capital, the once-sprawling lending unit that will be wound down following a recent deal that will see GE combine its jet-leasing unit with rival AerCap Holdings NV.

At Cargill, Ms. Miller will be focused on guiding the company's growth and maintaining its strong balance sheet, Chairman and CEO David MacLennan said.

Cargill processes crops, packages meat and distributes sugar, salt, cotton and other commodities. The closely held company doesn't have the same disclosure requirements as public businesses. It ended a longstanding practice of providing quarterly revenue figures last year, limiting its public financial information to annual revenues and year-over-year growth rates.

Revenue in fiscal 2020, which ended May 31, was $114.6 billion, up 1% compared with the prior year. The company will provide full-year revenue after the end of its current fiscal year in May, a spokeswoman said.

Cargill declined to make Ms. Miller available for an interview.

Colin Kellaher and Jacob Bunge contributed to this article.

 

(END) Dow Jones Newswires

March 16, 2021 15:49 ET (19:49 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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