WHITE PLAINS, NEW YORK, U.S. —Soren Schroder has announced his intent to step down as chief executive officer (CEO) of Bunge Ltd.

He will continue his role as CEO, that he began in 2013, until a successor has been appointed. A search committee has been established to identify the company’s next CEO.

“It has been an honor to serve as Bunge’s CEO,” Schroder said. “We are making solid progress, and it is the right time to turn over the leadership reins. The company has a strong legacy and an exciting future ahead.”

Schroder joined Bunge in 2000 and has held a variety of agribusiness leadership roles, including CEO of Bunge North America. His tenure has included a significant strengthening of Bunge’s core activities in agribusiness and growth in food and ingredients, with the recent acquisition of Loders Croklaan. Schroder has focused on creating a simpler, more efficient organization, establishing a series of global partnerships, building a first-class team and increasing Bunge’s focus on customers.

Bunge also made other leadership changes.

In addition, Kathleen Hyle, who has served on Bunge’s board of directors since 2012, will become chair of the board, effective immediately. L. Patrick Lupo, who has served on Bunge’s board since 2006 and in the role of chairman since 2014, will remain a board member. Hyle will serve on the CEO search committee, along with board members Paul Fribourg, J. Erik Fyrwald and Mark Zenuk.

“I am very pleased to become chair of Bunge’s board of directors,” Hyle said. “The company is well positioned for long-term growth with the strong foundation that has been established under Soren’s leadership. We have a world-class global position in agribusiness and food and ingredients, and, with our excellent management team, we will continue to strengthen and evolve our business. I want to thank Pat for his tremendous contributions to Bunge over the course of many years and his leadership as board chairman.”

Hyle has served as the head of the Audit Committee for the Bunge board of directors for the past five years. She has also served as senior vice-president of Constellation Energy and chief operating officer of Constellation Energy Resources from 2008 until her retirement in 2012, when Constellation completed its merger with Exelon Corp. Hyle joined the company in 2003, and served in a variety of senior level finance and operations positions, including as chief financial officer of Constellation New Energy, Inc.

Previously, Hyle served as CFO of ANC Rental Corp., the parent company of Alamo Rent-A-Car and National Rent-A-Car; vice-president and treasurer of Auto Nation, Inc.; and vice-president and treasurer of The Black & Decker Corp. Hyle is currently a director of AmerisourceBergen Corporation and is a former director of The ADT Corporation.