President and chief executive of Monsanto Co Hendrik Verfaillie resigned following a series of losses. Monsanto is one of the biggest agriculture and biotechnology companies in the world. Verfaillie, who has held the post for only two years, helped pioneer the company's role in the introduction of genetically modified crops and the popular Roundup herbicide.

Company chairperson Frank AtLee III would serve as chief executive till a successor to Verfaillie is appointed. Monsanto has reportedly posted losses of us $1.7 billion in the first three quarters of 2002 and its shares have gone down by nearly 44 per cent. Analysts say Verfaillie's performance suffered following a lowering of its profit estimates due to bad weather conditions and economic instability in South America.