Syngenta Appoints New Senior Executive to Help Steer $10 Billion IPO
Swiss agrochemicals group Syngenta has appointed a senior executive to help steer the seeds and pesticides maker's planned $10 billion flotation, the company said on Friday.
It has appointed Andy Yang, currently a board member of Syngenta, as chief accounting officer where he will be responsible for accounting requirements in relation to Chinese corporate regulations as well as stock exchange rules.
Yang recently stepped down as chief financial officer at its Chinese parent company, Sinochem Corporation.
His appointment will help speed up the company's flotation, which is planned to take place in China by the end of this year, a source told Reuters.
Syngenta, which competes with U.S. company Corteva and Germany's BASF and Bayer, was bought in 2017 for $43 billion by ChemChina, which was folded into Sinochem Holdings Corp last year.
The parent company plans to keep a majority stake after the flotation, which will value the company at approximately $50 billion.
Yang will report directly to Syngenta CEO Erik Fyrwald in his new role from July 1.
"Andy has extensive experience in China's capital markets and has a wealth of knowledge on listed companies in China," Fyrwald said in a statement.
"Andy's appointment will be beneficial to the Syngenta Group as the company prepares to IPO and list on the Shanghai STAR market," Fyrwald added.
Additional leadership changes:
- Jon Parr, President, Global Crop Protection, to retire in September 2022 after 35 years of service
- Jeff Rowe, currently President, Global Seeds, to become President, Global Crop Protection
- Justin Wolfe, Regional Director North America Seeds to become President, Global Seeds
- Matthew Johnston, Head of Vegetable Seeds and Flowers, to report directly to CEO Erik Fyrwald to reinforce strategic focus on the business segment
- Syngenta Announces More Succession Plans for Leadership Team
Earlier on Friday, Syngenta also announced management changes that could give clues about the company's future leadership.
Jeff Rowe, currently President, Global Seeds, will take over the leadership of Syngenta Crop Protection, effective July 1.
The job, in charge of Syngenta's biggest division which made up nearly half the group's $28.2 billion sales in 2021, could make Rowe a frontrunner to eventually succeed Fyrwald, aged 62.
(Reporting by John RevillEditing by Jason Neely and Mark Potter)
