Tereos CEO leaves French sugar company after a year

PARIS (Reuters) – French sugar and ethanol group Tereos said on Monday its chief executive Philippe de Raynal had left the company and would be replaced on an interim basis by chief financial officer Gwenael Elies.

De Raynal had been appointed to the helm of Tereos, the world’s second largest sugar producer in volume, late December 2020 after an extraordinary board meeting dismissed the former CEO, ending a long-running internal feud.

“Over the past 12 months and under the impetus of Philippe de Raynal, Tereos has implemented a new strategy which has resolutely engaged the Group on the path of financial recovery,” Tereos said in a statement.

“The phase that is now beginning aims to deliver the operational priorities expected in the short and medium term thanks to a more agile and targeted execution,” it added.

De Raynal’s team, which made deleveraging the heavily indebted cooperative a priority, undertook a wide ranging review of its businesses. This led to the sale of its starch operations in China and the exit of the malt business last year.

Tereos is the second largest sugar and ethanol producer in Brazil.

(Reporting by Sybille de La Hamaide; Editing by Mark Potter)