Cargill elects David McLennan as new CEO

September 11, 2013, Minneapolis, MN – Cargill announced that
its board of directors has elected David W. MacLennan, currently Cargill’s
president and chief operating officer, as the corporation’s next chief
executive officer effective Dec. 1, 2013, succeeding Gregory R. Page, 62, who
will serve as executive chairman. MacLennan, 54, will retain the title of president
and continue as a director of the company. The transition is the result of the
company’s ongoing succession planning with the board.

“Over the past several years, I have had the opportunity to
work closely with David, especially in his roles as chief financial officer and
chief operating officer, and I have been impressed with his leadership, his
vision, and the breadth and depth of his knowledge and experience. This is a
dynamic and diverse global company. We are excited about the opportunities ahead
and have the highest confidence in David to deliver on that promise,” said
Page.

MacLennan joined Cargill in 1991 and has held various
leadership positions within the financial, risk management, energy and animal
protein businesses in the United States, London and Geneva. He was elected
Cargill’s president and chief operating officer in 2011. In 2008, he was named
Cargill’s chief financial officer and elected to the Cargill Board of
Directors. Prior to joining Cargill, MacLennan was a senior vice president with
LIT America in Chicago and served as president of Fixed Income Capital Markets
at U.S. Bancorp Piper Jaffray in Minneapolis. MacLennan earned a bachelor’s
degree from Amherst College and a master of business administration from the
University of Chicago. In addition to the Cargill board, he currently serves on
the board of directors of C.H. Robinson Worldwide, Inc. and the Greater
Minneapolis St. Paul Regional Economic Development Partnership (Greater MSP).

“I am honored by the trust the board has placed in me and
feel privileged to have the opportunity to follow Greg Page, a truly
outstanding leader and CEO,” MacLennan said. “Under Greg’s leadership, Cargill
has seen remarkable growth across many dimensions, focused our operations on
innovation and value-added products, helped our customers thrive and better
positioned the company to help feed the world sustainably for years to come.”

In his role as executive chairman, Page will continue to
lead the board and will represent the company in a variety of interactions and
public forums with customers, policymakers and others, and will be available as
a resource to the company.

Page was elected chief executive officer in 2007 and
chairman later that same year. He was elected to the Cargill Board of Directors
in 2000 and served as president of the company from 2000 until 2011. Page
joined Cargill in 1974 as a trainee in its feed division and has held various
leadership positions in Asia and North America. Prior to joining the senior
management ranks, he led the startup of the company’s poultry processing
operation in Thailand, the beef and pork processing operations of Cargill’s
Excel subsidiary, and the company’s Financial Markets Group. He earned a
bachelor’s degree in economics from the University of North Dakota. In addition
to the Cargill board, he currently serves on the boards of directors of
Carlson, Deere & Company, Eaton Corporation, Big Brothers Big Sisters of
America and is president of the Northern Star Council of the Boy Scouts of America.

The Cargill Board of Directors also elected Emery N. Koenig,
57, as a vice chairman of the company. Koenig continues to serve as Cargill’s
chief risk officer. Since joining Cargill in 1978, Koenig has worked in a
variety of commodity trading and risk management roles in the United States and
Switzerland. Koenig currently serves as chairman of Black River Asset
Management, an independently managed subsidiary of Cargill. He was elected to
the Cargill Board of Directors in 2010. He also serves on the board of
directors of The Mosaic Company, and is a director of CARE USA and the Catholic
Community Foundation, and a trustee for Minnesota Public Radio. He earned a
bachelor’s degree in business management from the University of North Dakota.

Paul D. Conway, 56, will continue as a vice chairman of the
company.

“We have an experienced leadership team, a strong ethical
underpinning with a commitment to being a responsible global citizen, a
balanced and resilient portfolio, and a strong global footprint, all the
essential elements for continued success,” MacLennan added.