MINNEAPOLIS, MINNESOTA, US — Carlos Paz has resigned as president and chief executive officer of Ceres Global Ag Corp., effective Dec. 31. The board of directors has appointed Tom Coyle, currently an adviser to the board, as interim president and CEO.

In its Dec. 10 announcement, Ceres said Paz, who also has been a board director, was leaving the company to “pursue an alternative opportunity.”

“We thank Carlos for leading the corporation since August 2022 and for his prior contributions as vice president and commercial director,” said James Vanasek, chairman of the board of directors. “Carlos has played an important role in positioning the corporation for future growth and we wish him all the best in his future endeavors.”

Coyle previously served on the board as a director between October 2022 and March 2023. He brings over 45 years of experience working in agriculture to Ceres’ management team in the areas of operations, trading, business development, administration and management. 

Prior to his retirement in 2019, Coyle was managing director for North America at Cofco International and general manager for Nidera’s grain and oilseed business, where he oversaw the largest delivery warehouse for Chicago Board of Trade futures contracts.

Ceres said Coyle will lead the company’s strategic initiatives and oversee day-to-day operations while the board seeks to hire a permanent CEO.

In November, Ceres said its net income was $1.8 million for the fiscal 2025 first quarter ended Sept. 30, compared with $6.2 million in the same quarter a year ago. Bushels handled increased to 31.1 million for the quarter, compared with 29.5 million a year ago.

Ceres, with its 11 locations, has an aggregate grain and oilseed storage capacity of 29 million bushels. The company also has membership interests in three agricultural joint ventures that have an aggregate grain and oilseed storage capacity of approximately 16 million bushels.