Syngenta CEO Stepping Down After Monsanto Takeover Failure
October 21, 2015 Syngenta Chief Executive Mike Mack is stepping down as head of the Swiss agrochemicals group just two months after the company spurned a $47 billion takeover approach from U.S. rival Monsanto, reports Reuters.com’s Brenna Hughes Neghaiwi from Zurich.
Mack, who is 55, will quit at the end of the month and Chief Financial Officer John Ramsay will take charge on an interim basis, the company said in a statement on Wednesday.
Shares were up 6% at 329.10 Swiss francs at 1520 GMT following the announcement, with traders saying the change could rekindle bid speculation.
But a source close to Syngenta said that as Ramsay is not a member of the board and is unlikely to become one, the board’s attitude towards a takeover was unlikely to change.
Read the full story on Reuters.com.
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