A former ADM executive has been appointed to lead the development phase of the global agricultural trading facilitation project that is supported by six of the world’s largest farm commodity trading and processing businesses.
The project, launched in November 2018 by ADM, Bunge, Cargill and Louis Dreyfus and subsequently by COFCO International and Glencore Agriculture, is now known as Covantis. The Covantis digital platform should launch in 2020, subject to regulatory approvals.
Stefano Rettore will lead the project as an independent advisor during its development phase until a permanent chief executive is in place. Mr Rettore has more than 20 years’ global agribusiness experience, serving as president of ADM’s origination business after a period as its chief risk officer. Before joining ADM held senior roles at the US farm co-operative CHS.
“I am delighted to help lead the Covantis initiative as we build toward the launch of a ground-breaking new technology platform,” Mr Rettore comments. “Covantis offers a path to improve agricultural trade, unlocking significant value for all players across the supply chain. By working collaboratively with the industry, we have an opportunity to build a more effective, more efficient digital future for global trade.”