EX-99.1
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MONSANTO COMPANY
800 NORTH LINDBERGH BLVD
ST. LOUIS, MISSOURI 63167
RELEASE - Immediately
CONTACT - Lori Fisher (314-694-8535)
MONSANTO CHIEF EXECUTIVE OFFICER ANNOUNCES CHANGES TO ORGANIZATIONAL STRUCTURE
AND MANAGEMENT TEAM
ST. LOUIS (June 18, 2003) - Hugh Grant, president and chief executive
officer of Monsanto Company (NYSE: MON), today announced changes to the
company's organizational structure and the related management team. Grant said
the new structure is designed to create focus and accountability around his
three near-term objectives: (1) Providing sustainable, efficient cash generation
from Monsanto's chemistry businesses; (2) Optimizing income growth of the seeds
and traits businesses; and (3) Renewing the focus on biotechnology acceptance.
"As we continue the process of transforming Monsanto from a business based
on chemistry to an agricultural global leader focused largely on seeds and
traits, it's imperative that our business structure reflects the realities of
how our business is changing," Grant said. Grant reiterated that he expects the
gross profit generated from the company's seeds and traits business to surpass
that generated by its Roundup herbicide franchise for the first time in 2003.
In order to optimize the cost structure as the company's business models
are redefined, Grant said the commercial accountability for the company's
business will be focused under two geographic leaders.
Effective immediately, Brett D. Begemann and Carl M. Casale will lead all
of Monsanto's commercial operations in their respective geographies. As
International Commercial Lead, Begemann will be responsible for redesigning the
company's business models in specific countries to optimize the cash-generating
capabilities of the chemistry business and the growth potential of seeds and
traits.
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Casale will lead Monsanto's North and Central American businesses with a focus
on executing the post-patent strategy for Roundup herbicide in the United
States, and driving growth in the seeds, traits and animal agriculture
businesses. Both Begemann and Casale have been elected by Monsanto's board of
directors as executive vice presidents of the company.
"I believe this management team and structure will help us advance the
market and technology leadership edge we have built, while positioning us to
take even greater advantage of the opportunities that will unfold as we continue
our transformation, " Grant said.
The board also elected Gerald A. Steiner and Mark J. Leidy as executive
vice presidents of Monsanto. In the new post of Commercial Acceptance Lead,
Steiner will redefine the company's biotechnology acceptance goals and strategy
to improve Monsanto's global market acceptance for biotechnology and support the
product pipeline. Leidy will continue to lead the global manufacturing
organization, with a focus on producing quality products while leveraging the
company's manufacturing cost position.
Cheryl P. Morley was elected by the board as a senior vice president of the
company. She will work with Grant to develop the company's longer-term strategy
in her new role.
In addition, Terrell K. Crews, executive vice president and chief financial
officer, will take on additional operational duties. Grant said the roles of
other members of Monsanto's executive management team will remain unchanged,
including: Robert T. Fraley, Ph.D., executive vice president and chief
technology officer; Charles W. Burson, executive vice president, secretary and
general counsel; and John M. Murabito, senior vice president, human resources.
"I have confidence that this management team will act with urgency to
organize their respective teams and complete the transformation of Monsanto,"
Grant said. "The team fully understands our objectives, including the near-term
objective of delivering on our 2003 earnings commitments."
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Monsanto Company (NYSE: MON) is a leading global provider of
technology-based solutions and agricultural products that improve farm
productivity and food quality.
Note to editors: Roundup is a registered trademark of Monsanto and its wholly
owned subsidiaries.
Certain statements contained in this release, such as statements concerning the
company's anticipated financial results, current and future product performance,
regulatory approvals, currency impact, business and financial plans and other
non-historical facts are "forward-looking statements." These statements are
based on current expectations and currently available information. However,
since these statements are based on factors that involve risks and
uncertainties, the company's actual performance and results may differ
materially from those described or implied by such forward- looking statements.
Factors that could cause or contribute to such differences include, among
others: fluctuations in exchange rates and other developments related to foreign
currencies and economies; increased generic and branded competition for the
company's Roundup herbicide; the accuracy of the company's estimates and
projections, for example, those with respect to product returns and grower use
of our products and related distribution inventory levels; the effect of weather
conditions and commodity markets on the agriculture business; the success of the
company's research and development activities and the speed with which
regulatory authorizations and product launches may be achieved; domestic and
foreign social, legal and political developments, especially those relating to
agricultural products developed through biotechnology; the company's ability to
continue to manage its costs; the company's ability to successfully market new
and existing products in new and existing domestic and international markets;
the company's ability to obtain payment for the products that it sells; the
company's ability to achieve and maintain protection for its intellectual
property; the effects of the company's accounting policies and changes in
generally accepted accounting principles; the company's exposure to lawsuits and
other liabilities and contingencies, including those related to intellectual
property, regulatory compliance (including seed quality), environmental
contamination and antitrust; the company's ability to fund its short-term
financing needs; general economic and business conditions; political and
economic conditions due to threat of future terrorist activity and related
military action; and other risks and factors detailed in the company's filings
with the U.S. Securities and Exchange Commission. Undue reliance should not be
placed on these forward-looking statements, which are current only as of the
date of this release. The company disclaims any current intention to revise or
update any forward-looking statements or any of the factors that may affect
actual results, whether as a result of new information, future events or
otherwise.
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