Oct. 23 (Bloomberg) -- Monsanto Co., the world’s biggest seed company, promoted 30-year veteran Brett Begemann to chief operating officer in a role once held by Chief Executive Officer Hugh Grant.
Begemann, who was formerly chief commercial officer, retains his title of president and will lead the global business organization, St. Louis-based Monsanto said today in a statement. He continues to be responsible for worldwide sales and operations and now also oversees corporate affairs, Monsanto said.
Grant, 55, still serves as chairman and CEO with responsibility for long-term corporate strategy, Monsanto said. Begemann, 52, joined Monsanto in 1983 and has worked in sales, marketing, commercial development and in various management positions around the world. Grant was COO for three years prior to his promotion to CEO in 2003.
“The announcement suggests that Begemann would mostly likely succeed Grant, who I don’t think is any rush to retire,” Chris Shaw, a New York-based analyst at Monness Crespi Hardt & Co. who recommends buying the shares, said today by phone.
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