Published: MAR 31, 2020

Geneva, Switzerland (March 31, 2020) – Covantis is an industry initiative aimed at modernizing global trade. The initiative announced today that it has obtained all necessary regulatory approvals to establish a legal entity called Covantis S.A. in Geneva, Switzerland. The company is jointly owned by the following founding members: ADM (NYSE: ADM), Bunge (NYSE: BG), Cargill, COFCO, Louis Dreyfus Company and Glencore Agriculture (Glencore) Agriculture).  Covantis also announced its management structure and senior management appointment arrangements. 

Stefano Rettore, the company’s independent consultant, said: "After a comprehensive selection, we are very pleased to appoint Petya Sechanova as the company’s chief executive officer. She is not only Covantis brings a wealth of industry knowledge, and since the initiative was launched in 2018, it has been playing an important role in its advancement."  Sechanova has more than 20 years of experience in multinational companies, including 11 years at Cargill, during which time she held a series of leadership positions, including the most recent head of trading operations.

 Stefano Rettore's term as an independent advisor to the board of directors will last until June, after which we will announce his successor.  Sechanova said: "We are very pleased to establish Covantis as a legal entity. This paved the way for us to release the first version of a disruptive industry digital solution that initially focused on the post-trade execution process of grains and oilseeds. In the process of dialogue with global stakeholders upstream and downstream of the value chain, we have repeatedly heard how important it is for the entire industry to modernize the global grain trading business. 

Now, we have received regulatory approval to merge Covantis into A legal entity, our next focus is to prepare for the release of the new platform in 2020."  The board of directors is composed of one member from each of the six co-founding companies and is responsible for overseeing and helping guide the development of the company. The board of directors will be chaired by one of the directors, which rotates once a year. The director of the Louis Dreyfus Group will serve as the first chairman.  

Sechanova added: "We are very pleased to announce that we will locate our company in Switzerland. Switzerland is a thriving center of technological innovation with a large number of talents and deep expertise in blockchain solutions. Knowledge. Geneva’s location advantage makes it an ideal place for us to continue to work with stakeholders across the value chain. We will build a new digital platform for this industry based on this industry."  

Ningbo Home Appliances Commodity Import & Export Co., Ltd. is a technology company focusing on the digitalization of international trade. We are committed to making global trade convenient, safe and efficient. Our goal is to enable companies in the entire international supply chain to achieve efficient operations and save costs.