Bunge Global SA

Good morning and welcome to the Bungie Limited fourth quarter and full year 2018 earnings release and conference call. All participants will be in listen only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touch tone phone. To withdraw your question, please press star then 2. Please note this event is being recorded. I would now like to turn the conference over to Mark Hayden, Investor Relations Officer. Please go ahead.

Thank you, Operator, and thank you, everyone, for joining us this morning. Before we get started, I want to inform you that we have prepared a slide presentation to accompany our discussion. It can be found in the Investors section of our website at bungie.com under Investor Presentations. Reconciliations of non-GAAP measures disclosed verbally on this conference call to the most directly comparable GAAP financial measure are posted on our website in the Investors section. I'd like to direct you to slide two and remind you that today's presentation includes forward-looking statements that reflect Bungie's current view with respect to future events, financial performance, and industry conditions. These forward-looking statements are subject to various risks and uncertainties. Bunge has provided additional information in his reports on file with the SEC concerning factors that could cause actual results to differ materially from those contained in this presentation, and we encourage you to review these factors. On the call this morning are Kathy Heil, Bunge's non-executive board chair, Greg Heckman, the company's acting CEO, and Tom Boehler, Bunge's chief financial officer. I'll now turn the call over to Kathy.

Thank you, Mark, and good morning. As you know, I was appointed Bungie's non-executive board chair in December of last year, having served on the board since 2012. Before we get started, I'd like to briefly review today's agenda. I will first make some general comments about our strategic review process and the ongoing CEO search. I will then turn the call over to Greg Heckman, a board member who became Bungie's acting chief executive officer a month ago. Greg will discuss our results, actions he has taken since becoming acting CEO, and our key strategic priorities. Following Greg's remarks, Tom will review our results in detail and provide our 2019 outlook. We will then take your questions. Over the last several months, we've made a number of positive and significant changes to reposition the company for sustainable future growth. But let me start by saying that we are not satisfied with our Q4 results. We have the global footprint, assets, and the team to perform better. And to that end, I'd like to outline three areas where we're taking action. First, we have moved quickly to address the critical issue of leadership. In December, we announced that Thorne Schroeder would step down as CEO. At that time, we hired an executive search firm and began a comprehensive global process to find our next CEO, and that work continues. We recognize the importance of completing this process in a timely manner. In the interim, it is important that we continue to move forward as we work to reposition the company and realize our earnings potential. And that is why we appointed board member Greg Heckman as our acting CEO. Greg brings 30 years of experience in agribusiness and food and ingredients. He also brings a fresh perspective. He has instilled a new level of accountability, speed, and execution, which is driving our progress. And his strong leadership skills have already had a significant impact. I am delighted that Greg has stepped up to the position of acting CEO. Additionally, in the last few months, We refreshed our executive ranks by appointing a new head of agribusiness and creating and filling the new position of head of global risk management. Second, through the strategic review committee of the board that was formed in November, we have initiated a comprehensive and detailed review of each of Bungie's individual businesses, as well as the company's capital allocation priorities. Greg will have more to say about this shortly. But we are moving quickly to focus on our core portfolio and ensure that we are investing in the businesses that yield the strongest returns. Third, we have made substantial enhancements to our board, adding four new directors and refreshing the chairs of most committees. We are a highly engaged board that is fully aligned and dedicated to enhancing shareholder value. We are working together with the leadership team with a new sense of urgency. And while there are some challenges facing the company and the industry more generally, we are taking the necessary steps to position the business for future growth and long-term success. Our strong global footprint, talented people, global supply chain, and network of relationships and customers give us a solid foundation on which to build. And that is why I am proud to be associated with this company. With that, I will turn the call over to Greg.