Bunge CFO Jumps Ship - TheStreet

Bunge CFO Jumps Ship

The oilseeds outfit raises guidance.
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Bunge (BG) - Get Report said finance chief William M. Wells will jump ship April 1 to join Loblaw, the big Canadian food distributor.

The White Plains, N.Y., fertilizer and oilseeds company said Drew Burke, co-chief of its global agribusiness unit, will serve as interim CFO until a successor is named.

Bunge also beat fourth-quarter earnings targets. It made $264 million, or $2.12 a share, for the quarter ended Dec. 31, up from the year-ago $149 million, or $1.25 a share. Excluding certain gains, earnings were $1.52 a share, beating the $1.44-a-share Thomson Financial target. Revenue rose 14% from a year ago to $7.68 billion.

Bunge guided higher for the year, saying it expects to make $4.56 to $4.71 a share, including a 23-cent gain. That's still well above the $4.31 Thomson estimate.