Syngenta AG CEO Mike Mack has stepped aside amid shareholder criticism for his refusal to engage with Monsanto over its $47 billion takeover proposal.
Bloomberg reports Syngenta has named Chief Financial Officer John Ramsay the interim CEO.
Mack’s resignation after seven years in charge was welcomed by a shareholder group lobbying for a full strategic review.
Alliance of Critical Syngenta shareholders said “Syngenta urgently needs a leadership that recognizes the realities of the fast changing markets and draws the right conclusions.”
Mack’s exit comes almost two months after Monsanto withdrew its bid, the third since 2011, citing a lack of cooperation from Syngenta alongside deteriorating agricultural markets.
There’s little speculation yet as what the CEO Change may mean in regards to the Monsanto offer.
