Milling & Baking News - July 28, 2020 - 29

People

Seaboard elevates Robert Steer
to succeed Steve Bresky as CEO
MERRIAM, KAN. - Seaboard Corp.
announced on July 20 that Robert Steer
has been elected by the company's board
of directors to succeed Steven J. Bresky
as chief executive officer, effective immediately. Mr. Bresky died on July 10 at the
age of 67 (see related story on Page 28).
Mr. Steer has been Seaboard's executive vice president and chief financial
officer since 2011 and has been with
the company for more than 35 years,
serving in various capacities.
Mr. Steer also will continue as CFO
until a successor is identified and appointed.
This marks the first time in the company's 102-year history that a member
of the Bresky family won't hold the office of president/CEO at Seaboard, an

international agribusiness and transportation company that is engaged
in pork production and processing,
cargo shipping, commodity merchandising and flour and feed milling.
The company was founded in 1918
by Otto Bresky, who purchased his

first flour mill in Atchison, Kan., that
year. He was succeeded by his son,
Harry, in 1967. Steve Bresky assumed
the duties of president and CEO in
2006 when his father retired.
The board of directors also has
named Ellen S. Bresky as director and

chairperson of the board, filling the
vacancy previously held by her late
husband, Steve Bresky.
In connection with this appointment,
the board also named Douglas W.
Baena, who is currently an independent director and chairman of the audit committee, to be lead director, with
responsibility to act as liaison between
the board and company management.
Seaboard also announced that the
board elected Jacob (Jack) A. Bresky,
son of Steve and Ellen Bresky, to the
office of vice president of business development. Jack Bresky has been with
Seaboard more than seven years.
Ms. Bresky and Mr. Baena stated:
"We are confident that these appointments will provide continuity for Seaboard's businesses and will enable
Seaboard to continue the legacy of
the late Mr. Bresky, Seaboard's former
president/CEO." MBN

Financial Results

AAK searches for new CFO while
COVID-19 impacts quarter results
KARLSHAMN, SWEDEN - AAK
will look for a new chief financial
officer while still battling the effects
of lockdowns related to the coronavirus (COVID-19) pandemic. Fredrik
Nilsson, the current CFO, will join
another Swedish company at the beginning of 2021, Karlshamn-based
AAK reported July 17 while giving
second-quarter results.
AAK posted operating profit of
SEK417 million ($46 million) in the
quarter, which was down 19% from
SEK518 million in the previous
year's second quarter. Negative currency translation had an impact of
SEK10 million in this year's second
quarter. Net sales of SEK6.12 billion
($677 million) were down 13% from
SEK7 billion. Volume dropped 15%
to 481,000 tonnes.
Mr. Nilsson joined AAK in 2007 and
became CFO in 2014. He was both
CFO and acting chief executive officer starting in May 2017. After Arne
Frank, who previously held those two
positions, passed away on July 24,
2017, Johan Westman became president and CEO in May 2018.
"My career started here in AAK
back in 2007, and it has been an amazing and exciting journey all the way,
and I'm extremely proud of being a
bakingbusiness.com / world-grain.com

small part of the AAK history," Mr.
Nilsson said in a July 17 earnings call.
April and the beginning of May
were the low points of this year's second quarter, Mr. Westman said in the
earnings call.
"But after that, we have seen clear
improvements, so May being better

AAK share price
$225
$200
$175
$150
$125
Aug.
2019

Oct.

Dec. Feb. April June
2020

Source: New York Stock Exchange

than April and June being better than
May, an improvement in sales or volumes as well as earnings toward the
end of the quarter," he said.
Operating profit in Food Ingredients
fell 24% to SEK262 million ($29 million). Net sales fell 13% to SEK4.09 billion ($452 million), primarily because
of lower sales in the Foodservice and

Bakery segments. Volumes plunged
19% to 310,000 tonnes.
In Chocolate and Confectionery Fats,
operating profit fell 12% to SEK156
million. Net sales were down 13% to
SEK1.62 billion, and volume fell 18%
to 92,000 tonnes. Restrictions and lockdown measures in many countries impacted results severely and particularly
affected Easter sales negatively within
Chocolate and Confectionery Fats.
Mr. Westman talked about how the
global pandemic may affect chocolate
and confectionery fat holiday sales
heading into the winter.
"I don't believe we will be completely back to normal anywhere in
the world," he said. "So does that then
have an impact on Christmas? That, I
don't know. Could be, but it could be
that we have now found ways to shop
what we needed and to create a great
Christmas and maybe more online
shopping for gifts and so forth."
In Technical Profits and Feed, operating profit fell 20% to SEK28 million while net sales increased 14% to
SEK408 million and volume rose 10%
to 79,000 tonnes.
Over the first six months of the fiscal
year, AAK posted operating profit of
SEK959 million ($106 million), down
6% from SEK1.02 billion, net sales of
SEK13.57 billion ($1.5 billion), down
from SEK13.98 billion, and volume
of 1.05 million tonnes, down 8% from
1.14 million tonnes. MBN
Milling & Baking News

July 28, 2020 / 29


http://www.bakingbusiness.com http://www.world-grain.com

Milling & Baking News - July 28, 2020

Table of Contents for the Digital Edition of Milling & Baking News - July 28, 2020

Milling & Baking News - July 28, 2020 - 1
Milling & Baking News - July 28, 2020 - 1
Milling & Baking News - July 28, 2020 - 2
Milling & Baking News - July 28, 2020 - 3
Milling & Baking News - July 28, 2020 - 4
Milling & Baking News - July 28, 2020 - 5
Milling & Baking News - July 28, 2020 - 6
Milling & Baking News - July 28, 2020 - 7
Milling & Baking News - July 28, 2020 - 8
Milling & Baking News - July 28, 2020 - 9
Milling & Baking News - July 28, 2020 - 10
Milling & Baking News - July 28, 2020 - 11
Milling & Baking News - July 28, 2020 - 12
Milling & Baking News - July 28, 2020 - 13
Milling & Baking News - July 28, 2020 - 14
Milling & Baking News - July 28, 2020 - 15
Milling & Baking News - July 28, 2020 - 16
Milling & Baking News - July 28, 2020 - 17
Milling & Baking News - July 28, 2020 - 18
Milling & Baking News - July 28, 2020 - 19
Milling & Baking News - July 28, 2020 - 20
Milling & Baking News - July 28, 2020 - 21
Milling & Baking News - July 28, 2020 - 22
Milling & Baking News - July 28, 2020 - 23
Milling & Baking News - July 28, 2020 - 24
Milling & Baking News - July 28, 2020 - 25
Milling & Baking News - July 28, 2020 - 26
Milling & Baking News - July 28, 2020 - 27
Milling & Baking News - July 28, 2020 - 28
Milling & Baking News - July 28, 2020 - 29
Milling & Baking News - July 28, 2020 - 30
Milling & Baking News - July 28, 2020 - 31
Milling & Baking News - July 28, 2020 - 32
Milling & Baking News - July 28, 2020 - 33
Milling & Baking News - July 28, 2020 - 34
Milling & Baking News - July 28, 2020 - 35
Milling & Baking News - July 28, 2020 - 36
Milling & Baking News - July 28, 2020 - 37
Milling & Baking News - July 28, 2020 - 38
Milling & Baking News - July 28, 2020 - 39
Milling & Baking News - July 28, 2020 - 40
Milling & Baking News - July 28, 2020 - 41
Milling & Baking News - July 28, 2020 - 42
Milling & Baking News - July 28, 2020 - 43
Milling & Baking News - July 28, 2020 - 44
Milling & Baking News - July 28, 2020 - 45
Milling & Baking News - July 28, 2020 - 46
Milling & Baking News - July 28, 2020 - 47
Milling & Baking News - July 28, 2020 - 48
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