A half dozen global grain giants have received regulatory approval to incorprate Covantis, a legal entity based out of Geneva, Switzerland.
ADM, Bunge, Cargill, COFCO, Louis Dreyfus Company and Glencore Agriculture teamed up to launch Covantis SA in 2018. The goal was to create an industry initiative aimed at modernizing global trade operations.
Petya Sechanova has been tapped to lead the company as its CEO.
Sechanova most recently served as the trade operations leader for Cargill, a company she had been with for the past 11 years.
One member from each of the six co-founders will oversee the company on a board of directors. The first director will be appointed by Louis Dreyfus Company, and will act as chair for the first 12 months. Stefano Rettore will continue in his role as an independent adviser to the board until June. After that a new successor will be announced.
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