Sugar producer Tereos names Boucas as CEO

PARIS (Reuters) – Tereos, the world’s second-largest sugar producer, said on Friday it had appointed Jorge Boucas as its chief executive officer effective from April.

Its former chief executive stepped down in September last year, the third CEO to leave the company in less than two years.

The French cooperative group has seen repeated senior management changes and a deep review in its strategy since late 2020 when a long-running internal feud led to the ousting of its top management.

Boucas is currently CEO of French dairy cooperative Sodiaal. He will remain in his current post until Feb. 28, Tereos added in a statement.

“Jorge Boucas’s mission will be to carry out Tereos Group’s strategic project, defined by the Board of Directors in June 2021,” Tereos said.

“The Board of Directors is continuing to pursue its objective of deleveraging the Group by improving its profitability,” it said.

Tereos posted strong first-half results in December as high sugar and ethanol prices helped offset an increase in production costs but the group is still struggling to reduce debt.

As part of its deleveraging strategy it has been selling assets, including its starch activities in China and, earlier this month, its sugar activities in Romania.

Until Boucas takes up his position, Gerard Clay, dhairman of the board of directors, will manage the group, Tereos said.

(Reporting by Sybille de La Hamaide; editing by Benoit Van Overstraeten and Jason Neely)