Veteran finance executive Dave Anderson is joining Corteva as its new CFO, introducing the agribusiness enterprise to a résumé that also contains Nielsen, Honeywell, and ITT Industries.
Anderson’s appointment will come weeks following Corteva averted a proxy struggle with Starboard Benefit LP by agreeing to give the activist hedge fund 3 seats on its board.
Anderson, seventy one, served most recently as interim CFO of Criteo, a French advertising and marketing business. He replaces Greg Friedman, who ideas to retire.
Corteva, a DowDuPont spinoff that sells seeds and crop protection goods to farmers, cited Anderson’s working experience in “establishing finance features that enable ongoing expense in advancement initiatives whilst driving returns and benefit creation for shareholders.”
“Dave provides a keep track of document major earth-class finance features at both proven organizations and startups and I seem ahead to capitalizing on his knowledge as we choose our strong corporation to the following amount, supporting our accelerated advancement and innovation investments whilst maximizing efficiency and returns,” CEO James Collins reported in a information launch.
Corteva noted net gross sales of $14.two billion for 2020, up 3% from the preceding 12 months, and a net revenue of $681 million in contrast with a net decline of $959 million in 2019. Seth Goldstein, a senior equity analyst at Morningstar’s analysis division, reported Anderson most most likely will be running the price and allocation of money for analysis and improvement in his new role.
“Dave Anderson’s appointment alerts that Corteva valued prior working experience major the finance corporation for huge organizations in excess of agriculture marketplace working experience when they searched for their following CFO,” he informed The Wall Street Journal.
Anderson commenced his CFO vocation at RJR Nabisco in 1991 and invested eleven several years at Honeywell. He will be compensated an once-a-year base income of $750,000 at Corteva, with other payment like a one particular-time equity award valued at $two.five million, in accordance to a regulatory submitting.
“I am thrilled to apply my cumulative working experience to accelerating progress, helping to guarantee that Corteva will capitalize completely on its competitive pros, provide greatest-in-class efficiency by way of ERP implementation and other initiatives throughout the business enterprise, and travel benefit creation for its shareholders,” Anderson reported.