Viterra appoints new vice-president for Asia

Canada's Viterra Inc. appointed Stephen Yu as its new vice-president and managing director for Asia, the company announced July 7.

Yu will begin his post immediately, and will be based in Singapore.

Since 1993, Yu has worked for Archer Daniels Midland, most recently serving as corporate vice-president and managing director for the Asia Pacific region. He was responsible for establishing and managing commercial activity in Asia, which included 25 operations in China.

"We are excited to have Stephen join our team. His experience in establishing and developing business operations will help us secure new markets in Asia, allowing us to expand Viterra's expertise and bring greater value and service for our producers and end-use customers," said Mayo Schmidt, president and chief executive officer of Viterra.

Yu will be working with Viterra's Grain Group team to develop and implement the company's international growth plan.

Viterra reported a 265-percent increase in earnings for the second quarter to CAN33.6 million on sales of CAN1.5 billion. The company attributed the earnings to its expanded grain distribution network and strong commodity prices.

Viterra was created in 2007 after Sasketchewan Wheat Pool took over rival Agricore United.