Hugh Grant, president and chief executive officer of Monsanto Company, today announced changes to the company's organizational structure and the related management team. Grant said the new structure is designed to create focus and accountability around his three near-term objectives: (1) Providing sustainable, efficient cash generation from Monsanto's chemistry businesses; (2) Optimizing income growth of the seeds and traits businesses; and (3) Renewing the focus on biotechnology acceptance.

"As we continue the process of transforming Monsanto from a business based on chemistry to an agricultural global leader focused largely on seeds and traits, it's imperative that our business structure reflects the realities of how our business is changing," Grant said. Grant reiterated that he expects the gross profit generated from the company's seeds and traits business to surpass that generated by its Roundup herbicide franchise for the first time in 2003.

In order to optimize the cost structure as the company's business models are redefined, Grant said the commercial accountability for the company's business will be focused under two geographic leaders.

Effective immediately, Brett D. Begemann and Carl M. Casale will lead all of Monsanto's commercial operations in their respective geographies. As International Commercial Lead, Begemann will be responsible for redesigning the company's business models in specific countries to optimize the cash- generating capabilities of the chemistry business and the growth potential of seeds and traits.

Casale will lead Monsanto's North and Central American businesses with a focus on executing the post-patent strategy for Roundup herbicide in the United States, and driving growth in the seeds, traits and animal agriculture businesses. Both Begemann and Casale have been elected by Monsanto's board of directors as executive vice presidents of the company.

"I believe this management team and structure will help us advance the market and technology leadership edge we have built, while positioning us to take even greater advantage of the opportunities that will unfold as we continue our transformation," Grant said.

The board also elected Gerald A. Steiner and Mark J. Leidy as executive vice presidents of Monsanto. In the new post of Commercial Acceptance Lead, Steiner will redefine the company's biotechnology acceptance goals and strategy to improve Monsanto's global market acceptance for biotechnology and support the product pipeline. Leidy will continue to lead the global manufacturing organization, with a focus on producing quality products while leveraging the company's manufacturing cost position.

Cheryl P. Morley was elected by the board as a senior vice president of the company. She will work with Grant to develop the company's longer-term strategy in her new role.

In addition, Terrell K. Crews, executive vice president and chief financial officer, will take on additional operational duties. Grant said the roles of other members of Monsanto's executive management team will remain unchanged, including: Robert T. Fraley, Ph.D., executive vice president and chief technology officer; Charles W. Burson, executive vice president, secretary and general counsel; and John M. Murabito, senior vice president, human resources.

"I have confidence that this management team will act with urgency to organize their respective teams and complete the transformation of Monsanto," Grant said. "The team fully understands our objectives, including the near- term objective of delivering on our 2003 earnings commitments."