Top 100 Food and Beverage Company Highlights: #7 Cargill
Cargill—agricultural giant and the largest private company in the US – has experienced a slowing of profits this year, owing to less volatility in the global grain market and the collapse of meatpacking margins in the US. The company posted a record net income of $6.7 billion in the year ended May 31, contrasting with earnings over the ensuing nine months of $3.2 billion, putting the company on course for a less profitable year.
This year, Cargill implemented a number of leadership changes. In November, Cargill named then COO Brian Sikes as president and chief executive, effective 1 January 2023. Sikes – who has worked for Cargill for over three decades – took over the role from Dave MacLennan, who served as CEO since 2013. MacLennan has assumed the role of executive chair of the company’s board of directors. In January, the company announced that Jamie Miller was to step down as Cargill’s CFO to take a role at another company. Joanne Knight, who was vice president of finance for the business’ agriculture supply chain division, became Cargill’s acting CFO.