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Ceres Global AG Announces CEO Succession Plan

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Ceres Global Ag Corp. (TSX: CRP) (“Ceres” or the “Corporation”) today announced that Patrick Bracken has advised the Company’s Board of his intention to retire as President and CEO and will resign the positions effective June 1, 2016. Mr. Bracken, who oversaw the Company’s transition to an internal management structure and the buildout of the Northgate Commodities Logistics Hub, will continue to serve as a Director on the Ceres Board. Mr. Bracken will also be responsible for the development and implementation of the Company’s strategic plan for non-grain activities at Northgate.

 The Company’s Board of Directors has named Robert Day as President and Interim CEO effective June 1, 2016. Mr. Day, who joined Ceres in 2015 and served as Vice President, Trading and Risk Management, brings more than 20 years of industry and international experience. Mr. Day previously worked with Cargill and ED&F Man Ltd., in North America, Asia and Mexico in a variety of roles, including Managing Director Asia, and Commercial Director, Grain & Oilseed Supply Chain. Mr. Day holds an MBA from St. Thomas University.

“On behalf of the Board, I would like to express our thanks to Pat for his contributions and his commitment to working closely with Robert in the coming months, helping to ensure a seamless transition,” said Douglas Speers, Chairman of the Ceres Board of Directors. “We also look forward to Pat’s efforts at developing profitable non-grain opportunities at Northgate in addition to propane and fertilizer currently within our commodities portfolio mix.”

Mr. Speers added, “We are also very pleased that Robert has accepted the role as President and Interim CEO. He has been an active member of the Ceres senior management team over the past year, bringing more discipline and focus to our grain trading and risk management activities. Robert’s international   experience with grain merchandizing and trading are invaluable assets that we expect will help to gain more traction for our strategy of combining grain handling, storage and trading activities with a worldclass logistics hub.”

Ceres also announced that consistent with its recent efforts to lower operating costs, the company has reduced the size of its Board from seven directors to five. The Company’s reconstituted board will consist of Pat Bracken, Harvey Joel, Gary Mize, Douglas Speers, and James Vanasek (Full bios and details of each director is available at the Company’s website, www.ceresglobalag.com).

“I would like to thank Joe Monroe and Harold Wolkin for their outstanding contributions and stewardship during their time on our Board,” Mr. Speers added. “Joe and Harold provided excellent leadership and constructive counsel during their tenure, and we wish them extremely well in their future roles.”

About Ceres Global Ag Corp. (ceresglobalagcorp.com Headquartered in Minneapolis, Ceres Global Ag Corp. is focused on two primary businesses: a Grain Storage, Handling and Merchandising unit; and a Commodity Logistics unit.

Ceres operates in two business units, one of which is a grain storage, handling, and merchandising uni anchored by a collection of nine (9) grain storage and handling assets in Minnesota, New York, Saskatchewan and Ontario having aggregate storage capacity of approximately 43 million bushels as at March 31, 2016.

Ceres’ Commodity Logistics unit is focused on the development of a Commodity Logistics Centre in Northgate, SK. The Northgate Commodities Logistics Centre is a state-of-the-art grain, agriculture services and oilfield supplies transloading site.

Ceres also has a 25% interest in Stewart Southern Railway Inc., a short-line railway with a range of 130 kilometres that operates in South-eastern Saskatchewan.

Source: CeresglobalagCrop


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