Cargill’s President MacLennan Moves Up To CEO
Minnesota’s largest private company, Cargill, elected David MacLennan as its next CEO, replacing Greg Page, who will transition to executive chairman on December 1.
MacLennan, 54, will continue in his current role as president and director of the company, in addition to taking on the CEO title.
Wayzata-based Cargill—which operates in the agricultural, financial, and industrial markets—said the transition is the result of the company’s “ongoing succession planning” with its board. According to a company spokeswoman, the board has spent the last 18 months deciding on a new CEO.
Since its inception, Cargill has had a mandatory retirement age of 65 for its executives. Page was named CEO and chairman in 2007 and is now 62, and according to the company spokeswoman: “As Page was nearing retirement age, the board began its search; it has been a long process.”
MacLennan joined Cargill in 1991 and has held leadership positions in a variety of the company’s fields, including financial, risk management, energy, and the animal protein businesses in the United States, London, and Geneva.
In 2008, MacLennan was named Cargill’s chief financial officer and was elected to the board of directors. Three years later, he moved on to become Cargill’s president and chief operating officer.
“Over the past several years, I have had the opportunity to work closely with David, especially in his roles as chief financial officer and chief operating officer,” Page said in a statement. “We are excited about the opportunities ahead and have the highest confidence in David.”
Page will remain at the company, leading the board as executive chairman.
“I am honored by the trust the board has placed in me and feel privileged to have the opportunity to follow Greg Page, a truly outstanding leader and CEO,” MacLennan said in a statement. “Under Greg’s leadership, Cargill has seen remarkable growth across many dimensions, focused our operations on innovation and value-added products, helped our customers thrive, and better positioned the company to help feed the world sustainably for years to come.”
Meanwhile, Cargill also named Chief Risk Officer Emery Koenig as a vice chairman of the company.
Cargill employs 142,000 people in 65 countries. Its revenue reportedly totaled about $137 billion with $2.3 billion in profits during its most recent fiscal year.