DOW JONES NEWSWIRES 
 

Corn Products International Inc. (CPO) named Ilene Gordon chairman, president and chief executive, effective May 4, as part of the food manufacturer's succession plan.

Gordon will succeed Samuel C. Scott III, who will retire in line with company policy that senior executives step down by age 65. Scott has served as chairman and CEO since February 2001 and president since 2007.

The company was forced to revive its succession planning after a failed deal with Bunge Ltd. (BG). Bunge decided to end the deal to acquire Corn Products in November after Corn Products' board pulled its support following a 60% decline in the all-stock deal's value, to $1.72 billion. Bunge's shares had plunged along with commodity prices.

Board member William Norman said that during Scott's tenure the company "greatly expanded" its international operations, made key acquisitions and passed $3.9 billion in net sales.

Gordon, 55 years old, has been president and CEO since 2007 of Rio Tinto PLC's (RTP) Alcan Packaging, a global packaging business with 130 factories in 30 countries that serves the food, beauty and pharmaceutical industries. From 2004 to 2006 she served as president of Alcan Food Packaging Americas.

Corn Products' shares closed Monday at $23.59 and haven't traded premarket. The stock is off 18% so far this year.

-By Kerry E. Grace, Dow Jones Newswires; 201-938-5089; kerry.grace@dowjones.com