Tom Coyle appointed interim president and CEO of Ceres Global Ag Corp.

USA – Ceres Global Ag Corp. has named Tom Coyle, a current board adviser, as interim president and CEO, effective immediately.

Coyle steps into the role following the resignation of Carlos Paz, who will leave the company at the end of the year to pursue an alternative opportunity.

With over 45 years of experience in the agriculture industry, Coyle brings a wealth of expertise to Ceres.

His background spans a range of areas including operations, trading, business development, administration, and management. Coyle’s career includes significant leadership roles, such as managing director for North America at Cofco International and general manager of Nidera’s grain and oilseed business. He also oversaw the largest delivery warehouse for Chicago Board of Trade futures contracts.

In his new position, Coyle will lead the company’s strategic initiatives and manage day-to-day operations as Ceres searches for a permanent CEO.

Having served as a director on the company’s board from October 2022 to March 2023, Coyle is well-versed in Ceres’ operations and corporate goals, positioning him to ensure a smooth transition during this period of change.

Coyle’s appointment comes as Ceres continues to focus on strategic growth and enhancing its position within the agricultural sector.

The company operates 11 locations with a total grain and oilseed storage capacity of 29 million bushels and has membership interests in three agricultural joint ventures with a combined storage capacity of 16 million bushels.

However, for its fiscal first quarter ending September 30, 2024, Ceres Global Ag Corp reported a sharp decline in net income, posting US$1.8 million compared to US$6.2 million during the same period last year, a whopping 70.9%.  

The company attributed the drop to reduced gross profit and trading margins amid subdued market volatility caused by favorable weather conditions in key North American grain-producing regions​.

Despite the decline in profitability, the company achieved near-record volumes, handling 31.1 million bushels of grain and oilseeds during the quarter, up from 29.5 million a year earlier.

“Despite the limited opportunities for directional trading due to the benign weather in the US Northern Plains and Canadian Prairies, we achieved solid financial results and near record in volumes handled this quarter,” said Carlos Paz, the ongoing president and chief executive officer of Ceres.

Paz added that the team of industry experts, backed by their effective trading and risk management practices, successfully navigated market conditions to drive a strong start to the year.

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