David MacLennan, Cargill's CEO, will take on the added role of board chairman of the Minnetonka-based agribusiness giant.

Cargill's board Thursday elected MacLennan as chairman to replace Greg Page, the company's executive chairman. Page, 64, will continue to serve on Cargill's board as an executive director.

The move was not a surprise. Page retired as CEO in 2013 and was replaced by MacLennan, who had been Cargill's chief operating officer since 2011.

"The board appreciates David's leadership and management of the company," Page said in a statement. "We have the highest confidence he will deliver long-term growth for Cargill. Now is the time for him to lead the board as well."

MacLennan, 56, joined Cargill in 1991 and held various leadership positions before leaving the company in 2000 to become head of fixed income at U.S. Bancorp Piper Jaffray. However, MacLennan returned to Cargill in 2002, and by 2008 he had become chief financial officer.