Financial Daily from THE HINDU group of publications
Friday, Dec 20, 2002
Financial Daily from THE HINDU group of publications Friday, Dec 20, 2002 |
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Corporate
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People Monsanto chief quits Pratap Ravindran
PUNE, Dec 19 MR Hendrik A Verfaillie, President and Chief Executive of Monsanto Co, has resigned in the wake of a string of poor profit reports. Monsanto, in the first three quarters of the current fiscal, has reported losses of $1.7 billion on diminished sales of its popular Roundup herbicide in the US and Latin America. The board of Monsanto, one of the world's largest agriculture and biotechnology companies, has described Mr Verfaillie's decision to resign as "mutual," although the long time Monsanto executive, who helped pioneer the introduction of genetically modified crops, has not specified any reason for his quitting. The company has announced that Mr Frank V. AtLee III, the company's Chairman, would serve as interim chief executive.
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