• John Brice files sealed complaint in Delaware Chancery Court
  • Brice left Cargill’s asset management firm, CarVal, in June

John Brice, former president of Cargill Inc.’s asset management subsidiary CarVal Investors LLC, sued the firm in a sealed complaint filed Tuesday in Delaware.

CarVal spokeswoman Ann Folkman confirmed that Brice, who became president of the unit in 2008 and previously served as its chief investment officer, left in June. She declined to comment on the reason for Brice’s departure or the lawsuit.

Brice’s exit is the latest in a series of senior management changes at Minneapolis-based Cargill, which is shifting its portfolio amid a global rout in commodities that’s seen corn, crude oil and cotton prices slump. Other departures include Doug Christie, the head of Cargill’s cotton business, and Pat Bowe, a former Cargill vice president of food ingredients and systems who left to become chief executive officer of The Andersons Inc.

Cargill, whose diverse businesses include grain trading, deicing salt mining and slaughtering cattle, in the past year also has spun off its Black River Asset Management investment unit and announced in November plans to scrap its two-tier executive leadership structure in favor of a single team. 

While Brice hasn’t been replaced as president, Folkman said CarVal’s board appointed Jody Gunderson, Lucas Detor and James Ganley to the executive team and “they are collectively leading the firm, with responsibility for its strategic direction, investments and operations globally.” The trio previously served as executive managing directors at CarVal, she said.

The case is Brice v. CarVal Investors LLC, CA12613, Delaware Chancery Court (Wilmington).

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