The world’s largest sugar trader, Alvean, is replacing its top executive as part of a planned transition that had been delayed by the pandemic.
(Bloomberg) — The world’s largest sugar trader, Alvean, is replacing its top executive as part of a planned transition that had been delayed by the pandemic.
Alvean has named Mauro Angelo as its new chief executive officer. He took the post on July 1. He was previously chief commercial officer and replaces Paulo Roberto de Souza, who held the top post for four years and will remain an independent director at Alvean’s board, de Souza said. Angelo is based at the company’s main trading hub in Geneva.
The change comes as Alvean, owned by Brazilian sugar and ethanol producer Copersucar SA, posted record results last season, with net-income of more than $70 million. The planned transition was delayed by disruptions from the Covid-19 outbreak, de Souza said in a phone interview on Monday.
Raw sugar prices have rallied about 16% in 2023 amid tight global supplies. Futures traded in New York also gained in the previous four years, boosting margins for trading companies that had previously struggled to make money. The number of players in the industry has also shrunk in recent years, reducing competition.
The changes at the helm of the company also come two years after Cargill Inc., the world’s largest agricultural commodities trader, agreed to exit Alvean, selling its stake to partner Copersucar.
Alvean moved around 9 million metric tons of sugar in the 2022-23 fiscal year.
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