Louis Dreyfus Company, one of the world’s biggest traders of agricultural commodities, has ended it search for a chief financial officer, picking a senior executive from the trading arm of Royal Dutch Shell to fill the role vacated six months ago.
Armand Lumens will join the privately-owned company in March after two decades in the oil industry, LDC said in a statement.
“It is important that we continue to strengthen our senior team with people who share the strong values that have guided our family company for 165 years, and will continue to do so in the future, as we drive our business forward,” said Margarita Louis-Dreyfus, the billionaire Russian heiress who controls the company.
LDC started its search for a new chief financial officer in June after Sandrine Téran resigned after just nine months in the job. It appointed Federico Cerisoli, as interim CFO as it looked for a permanent replacement.
Mr Lumens, 48, held a number of positions at Shell during a 24-year career, most recently the head of finance for its London-based trading arm, one of the biggest in the oil industry. He joins LDC as it battles tough trading conditions and increasingly volatile markets.
“I am very excited to be joining a family company with such an impressive history and strong track record of success,” said Mr Lumens, a Dutch national.
LDC is controlled by Russian-born billionaire Margarita Louis-Dreyfus, the widow of flamboyant businessman Robert Louis-Dreyfus, who died in 2009 after a battle with cancer. It is one of the world’s biggest traders of coffee, sugar and wheat.
Members of the Louis-Dreyfus family want to reduce their shareholding in the company from 20 per cent to around 4 per cent and have exercised a put option.
But they have not been able to sell the stake to Ms Louis-Dreyfus because of a disagreement over price that has spilled over into the courts in the Netherlands.
In the six months to June, LDC reported a small increase in net income to $135m on sales of $23.5bn as it battled erratic prices moves and unfavourable market conditions
Profits were flattered by $107m of deferred taxes being recognised in the income statement.
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