By Ka Sing Chan
Syngenta is betting it is safer to lean into its Chinese roots than hide them. The Switzerland-based giant said this week that Hengde Qin, a veteran from its state-owned parent Sinochem International SSE:600500, will replace Jeff Rowe barely two years after the American executive took the top job. That could hurt Syngenta's U.S. business, but the switch will smooth an upcoming $10 billion Hong Kong IPO and sharpen its growth pitch to Beijing officials fretting about food security.
Replacing a chief executive months before a public debut is terrible optics. In Syngenta's case, it looks even worse due to geopolitics. Its record-breaking $43 billion takeover in 2017 by ChemChina, which has since merged with rival Sinochem, handed the Chinese government ownership of one of the world's dominant suppliers of seeds and pesticides. Having a public face like Rowe - a fifth-generation American farmer - probably eased Washington's concerns that Syngenta would become a vehicle for Chinese state interests.
Qin's ascendency, though sudden, appears years in the making. A fluent English speaker, he joined Syngenta's China unit in 2020 before being promoted to group finance chief when Rowe became CEO. Already based in Basel, Qin's experience abroad and in China makes him a logical candidate. Qin was formerly CEO of two Sinochem entities listed in Hong Kong and the mainland, so he's well-suited to lead Syngenta's blockbuster listing, expected as early as the second half of this year.
The incoming boss also can help sharpen Syngenta's growth pitch in China - the only geography for which it provides a financial breakdown. This is nearly 30% of total revenue and had been the company's fastest growing business before the Covid pandemic and its decision to scale back a low-margin grain trading business. Syngenta's total revenue, including in the U.S., fell 1% last year, to $28.4 billion, compared to a 22% year-on-year gain in 2021. Syngenta could benefit from Qin's mainland ties: He could help the company tap into its parent Sinochem's chemicals supply chain, for instance, to give it an edge over global rivals like Germany's Bayer XETR:BAYN in pesticides.
For Beijing, having an American continue to lead a strategic business vital to China's food security was always going to be untenable in the long run. For Qin, his most urgent task will be to convince global investors and politicians that Syngenta can be both a Chinese state-owned enterprise and a multinational business.
CONTEXT NEWS
Syngenta Group has appointed Hengde Qin as its new CEO, effective August 1, the Swiss-based group said on July 1. He is succeeding Jeff Rowe, who has led the group since January 2024.
Qin in 2004 joined Syngenta's owner, China's state-owned Sinochem. He was appointed Syngenta chief financial officer in 2023 and then became the group's chief operating officer in March 2026.
Syngenta is targeting a Hong Kong listing that could raise as much as $10 billion this year, Reuters reported in February, citing sources.