With the closing of the transaction, COFCO said Jingtao (Johnny) Chi has been named chief executive officer of Nidera, effective immediately. He succeeds Dierk Overheu, who announced his retirement effective upon the closing. Overheu had been with Nidera since May 2016.
Before joining COFCO in 2003, Chi held various positions in China National Metals & Minerals Import & Export Corp., including as general manager of human resources and general manager of personnel.
COFCO bought 51% of Nidera in 2014, and then announced in August 2016 that it would acquire the remaining minority stake in Nidera Capital B.V., bringing its ownership of Nidera to 100%.
Nidera is a major international agribusiness and trading company based in the Netherlands. COFCO International is the overseas investment and management platform for the agribusinesses of COFCO, with its upstream origination and trading operations linked to the downstream processing and distribution capabilities of COFCO and its affiliates in China to create a fully integrated value chain, consistent with COFCO’s strategy.