Veteran finance government Dave Anderson is signing up for Corteva as its new CFO, incorporating the agribusiness corporation to a résumé that also includes Nielsen, Honeywell, and ITT Industries.
Anderson’s appointment comes weeks following Corteva averted a proxy battle with Starboard Worth LP by agreeing to give the activist hedge fund a few seats on its board.
Anderson, 71, served most just lately as interim CFO of Criteo, a French advertising agency. He replaces Greg Friedman, who designs to retire.
Corteva, a DowDuPont spinoff that sells seeds and crop defense products and solutions to farmers, cited Anderson’s knowledge in “establishing finance functions that help ongoing investment in advancement initiatives although driving returns and worth generation for shareholders.”
“Dave brings a observe document leading planet-class finance functions at both equally founded firms and startups and I glance ahead to capitalizing on his experience as we take our strong corporation to the following degree, supporting our accelerated advancement and innovation investments although maximizing productiveness and returns,” CEO James Collins stated in a information launch.
Corteva documented net sales of $14.two billion for 2020, up three% from the former year, and a net income of $681 million as opposed with a net reduction of $959 million in 2019. Seth Goldstein, a senior equity analyst at Morningstar’s investigation division, stated Anderson most probable will be taking care of the expense and allocation of money for investigation and advancement in his new function.
“Dave Anderson’s appointment alerts that Corteva valued prior knowledge leading the finance corporation for significant firms about agriculture industry knowledge when they searched for their following CFO,” he advised The Wall Street Journal.
Anderson began his CFO job at RJR Nabisco in 1991 and spent 11 a long time at Honeywell. He will be paid out an yearly base wage of $750,000 at Corteva, with other compensation such as a a single-time equity award valued at $two.5 million, in accordance to a regulatory submitting.
“I am thrilled to use my cumulative knowledge towards accelerating development, serving to to ensure that Corteva will capitalize entirely on its competitive rewards, supply very best-in-class productiveness by ERP implementation and other initiatives throughout the enterprise, and generate worth generation for its shareholders,” Anderson stated.