Adecoagro (AGRO) said Wednesday it was revamping its board after Tether Investments, a subsidiary of Tether Holdings, acquired nearly 49.6 million shares for about $615.5 million, boosting its ownership in the company to 70%.
Directors Ana Cristina Russo, Guillaume van der Linden, Alan Leland Boyce, Andres Velasco Branes, and Plinio Musetti resigned, and Juan Sartori has been appointed executive chairman of the board.
The remaining board members have appointed five new directors, effective immediately: Juan Jose Sartori Pineyro, Christian De Prati, Andres Larriera, Kyril Robert Leonid Louis-Dreyfus, and Oscar Alejandro Leon Bentancor.
These new appointments will be confirmed and submitted for approval at the general shareholders' meeting on June 6, the company said.
Shares of Adecoagro were up 2.6% in recent trading.
Price: 9.34, Change: +0.24, Percent Change: +2.58
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