(Bloomberg) -- American energy trader Eco-Energy has tapped a former ethanol executive from Archer-Daniels-Midland Co. as chief executive officer.
Craig Willis, who spent more than 25 years with ADM and led its ethanol desk until 2018, took the top job Wednesday at Franklin, Tennessee-based Eco-Energy, according to Copersucar SA, which controls the company. He replaced Josh Bailey, who held the top post since 2016.
American ethanol companies are hoping that President Joe Biden's administration will mean a greater focus on renewables as part of the transition away from fossil fuels. They have struggled with thin or even negative margins in recent years as former President Donald Trump's trade war with China curbed demand for the fuel and distiller's dried grains, a byproduct used in animal feed.
“We believe a new growth cycle is beginning for renewable energy and Craig is the best person to lead Eco-Energy,” Joao Teixeira, chief executive officer of Copersucar and a board member at Eco-Energy, said by phone.
Over the past year, biofuels consumption has taken a further hit as the pandemic kept cars off the road, even as plants started churning out more ethanol for use as sanitizer.
Willis was most recently senior vice president of global markets for Growth Energy, an ethanol lobby group he joined in 2018. There he was responsible for boosting trade and finding new export markets for American biofuel.
Eco-Energy is a biofuel and natural gas company focused on trading, transportation and distribution. It's controlled by Copersucar SA, a Brazilian sugar and ethanol producer.
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