This morning the Wall Street Journal reports on recent
moves at Monsanto. The company put NutraSweet and the rest
of its food-ingredient business up for sale to pay for its
$8 billion spending spree on crop biotechnology. It also
promoted two top executives in a move that lifts
responsibility away from Shapiro, the 60 yr old CEO.
Verfaillie, current president of Monsanto and De Schutter,
the co-president of G.D. Searle are the two with the
promotions. They also were given seats on the board of
directors. The number on the board was expanded by 2 to 11
for this.
What does this mean? Some think it gives the agriculture
people more say in the board room and is a consolidation of
power around their life science focus. (Shapiro came from
Nutrasweet.)
The announcement lifted Monsanto's stock price 6.5% to
$42.125 per share. This is still well below the high of
$63.94 when the merger with AHP was a possibility.
kate
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