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Syngenta appoints senior executive to help steer $10 billion IPO
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ZURICH (Reuters) -Swiss agrochemicals group Syngenta has appointed a senior executive to help steer the seeds and pesticides maker’s planned $10 billion
ZURICH (Reuters) -Swiss agrochemicals group Syngenta has appointed a senior executive to help steer the seeds and pesticides maker’s planned $10 billion flotation, the company said on Friday.
It has appointed Andy Yang, currently a board member of Syngenta, as chief accounting officer where he will be responsible for accounting requirements in relation to Chinese corporate regulations as well as stock exchange rules.
Yang recently stepped down as chief financial officer at its Chinese parent company, Sinochem Corporation.
His appointment will help speed up the company’s flotation, which is planned to take place in China by the end of this year, a source told Reuters.
Syngenta, which competes with U.S. company Corteva and Germany’s BASF and Bayer, was bought in 2017 for $43 billion by ChemChina, which was folded into Sinochem Holdings Corp last year.
The parent company plans to keep a majority stake after the flotation, which will value the company at approximately $50 billion.
Yang will report directly to Syngenta CEO Erik Fyrwald in his new role from July 1.
“Andy has extensive experience in China’s capital markets and has a wealth of knowledge on listed companies in China,” Fyrwald said in a statement.
“Andy’s appointment will be beneficial to the Syngenta Group as the company prepares to IPO and list on the Shanghai STAR market,” Fyrwald added.
Earlier on Friday, Syngenta also announced management changes that could give clues about the company’s future leadership.
Jeff Rowe, currently President, Global Seeds, will take over the leadership of Syngenta Crop Protection, effective July 1.
The job, in charge of Syngenta’s biggest division which made up nearly half the group’s $28.2 billion sales in 2021, could make Rowe a frontrunner to eventually succeed Fyrwald, aged 62.
(Reporting by John RevillEditing by Jason Neely and Mark Potter)
An IPO, or Initial Public Offering, is the process through which a private company offers shares to the public for the first time, allowing it to raise capital from public investors.
A board member is part of a company's governing body, responsible for making key decisions, providing oversight, and ensuring the organization meets its strategic goals.
A flotation refers to the process of offering shares of a company to the public through an IPO, allowing it to raise funds and become publicly traded.
A majority stake refers to owning more than 50% of a company's shares, giving the owner significant control over company decisions and operations.
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