Tereos shakes up its executive team as sugar market staggers
French producer hires fresh blood as the industry expects slump to continue
Paris — French sugar group Tereos, which is forecasting falling profit this year due to an industry-wide slump, said on Wednesday it had reshuffled its management team, including the hiring of a new CFO. A surge in output after the EU abolished production quotas in 2017 and a 40% slump in prices since early 2017 in an oversupplied world market have hit profits at many European firms. “The liberalisation of the European sugar industry, the rapid development of new technologies in agriculture and industry, the new demands of consumers for health and nutrition, naturalness and sustainability will have a structural impact,” the farmer-owned co-operative said in a statement. “In this context, Tereos strengthens its executive committee to accelerate its transformation plan and continue its adaptation to these changes,” it added.
Tereos named Stephanie Billet as its new CFO, starting on June 1, to replace Olivier Casanova who is leaving. Billet was previously working at French cement...
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