Corn Products president to retire
January 30, 2008
by Jeff Gelski
WESTCHESTER, ILL. – Samuel C. Scott III intends to retire as chairman, president and chief executive officer of Corn Products International, Inc. when a successor is found, the company reported Jan. 29. The board of directors for Westchester-based Corn Products International will engage an executive search firm to find a new chairman and c.e.o. The search may include internal and external candidates.
"Our business is strong, and Corn Products is well-positioned for success in the years ahead," Mr. Scott said. "I am fortunate to have led this great company for the past seven years and look forward to a smooth transition."
Mr. Scott was named president and chief operating officer of Corn Products International in 1997 and became chairman and c.e.o. in 2001. Previously, he served as president of CPC International Inc.’s North American corn refining business from 1989 to 1997 and as president of CPC International’s Bestfoods division worldwide corn refining business from 1995-97.
Mr. Scott is a director of Motorola, Inc., the Bank of New York, ACCION International, INROADS Chicago, the Chicago Council on Global Affairs and the Economic Club of Chicago.
William S. Norman, lead director on Corn Products’ board of directors, said, "The board is extremely grateful to Sam Scott for his outstanding leadership, dedication and commitment to building shareholder value.
"I am sure that I speak for the thousands of Corn Products International employees worldwide who appreciate his strong leadership and commitment to excellence. The board also appreciates his flexibility and willingness to accomplish an efficient transition."