Covantis, the industry initiative co-owned by commodity giants Cargill, Bunge, Louis Dreyfus, Glencore, and others, has received all required approvals and has incorporated as a legal entity in Geneva, according to a press release.
The initiative, which lists Consensys as its lead technology partner, also announced executive appointments, with long-time Cargill executive Petya Sechanova named CEO.
“Petya brings a wealth of industry knowledge to Covantis,” said Covantis independent advisor Stefano Rettore, adding that Sechanova “has been fundamental in shaping the initiative since its inception in 2018.”
Speaking about the initiative, Sechanova said that they’re excited to turn Covantis into a company, pointing out that it “paves the way toward launching the first release of our industry-changing digital solution.”
“In conversations with stakeholders around the world and up and down the value chain, we’ve heard time and again how critical it is for our entire industry to modernize our outdated global grain trading operations. Now that we’ve received regulatory approvals and incorporated Covantis as a legal entity, we focus on the preparation of the 2020 launch of the new platform,” he added.
Covantis also announced its board of directors, which consists of one member from each of the six founding companies. Chairmanship of the board will be rotated annually, with a Louis Dreyfus executive slated to act as the company’s first chair.
Photo: International Students’ Committee
