Agriculture trader The Andersons names Bill Krueger as CEO
Company reported 30% drop in revenue in Q2
The Andersons Inc. tapped Bill Krueger as chief executive officer, who will take the reins of the crop trader as it faces weaker global agricultural markets.
Krueger, currently chief operating officer, succeeds Pat Bowe beginning in October, the company said in a Monday statement. Bowe, who has led the Ohio-based company since 2015, will remain chairman.
Krueger joined the company in 2019 as part of The Andersons’ acquisition of grain trader Lansing Trade Group LLC.
“Bill has been integral to our strategic growth during his tenure with The Andersons, helping to position the business to take advantage of new opportunities across the agriculture supply chain,” Bowe said in the statement.
Shares fell as much as 1.4% in New York on Monday morning.
Bumper global harvests have squeezed profits for agricultural commodities traders. The Andersons earlier this month reported a 30% drop in revenue for the second quarter. Others including Cargill Inc. and Archer-Daniels-Midland Co. have also recently reported weaker results.
Still, The Andersons could see greater profit growth, benefiting from better ethanol margins, strong grain sourcing and “savvy deals,” Bloomberg Intelligence analysts Jason Miner and Ama Kyerewaa wrote in an August note.
