Major Chinese grains trader COFCO Corp announced that it had named Lu Jun, former chairman of Sinograin, the group which manages state grain reserves, as its new chairman, replacing Zhao Shuanglian who has retired. Lu Jun previously served as deputy president at state-owned COFCO, before moving to Sinograin in 2013, according to COFCO’s website. Lu Jun, who has a degree in agriculture system engineering and management, had also headed COFCO Futures and China Agri-Industries Holdings Limited, a subsidiary under the conglomerate. The change comes at a critical time for COFCO which is still integrating two overseas acquisitions made as part of its efforts to become the world’s biggest food trader.
COFCO has acquired Dutch grain trader Nidera and the agribusiness of Singapore-listed Noble Group Agri over the past three years. The group has been spending the past year digesting the acquisitions. It is also streamlining its business as part of wide-ranging reforms of China’s state-owned companies.