CHICAGO - U.S. grain handler The Andersons Inc, long considered a takeover target in the agribusiness industry, named a vice president from larger rival Cargill Inc as its new chief executive on Wednesday. Patrick Bowe, who was a corporate vice president for Cargill and a leader of its food ingredients unit, will replace Michael Anderson, who has been Andersons’ chief executive officer for 16 years, on Nov. 2, according to a statement. Michael Anderson, whose grandfather founded the Ohio-based company, will remain chairman of the board. The selection of a top executive from Cargill, which is one of the world’s top commodity traders, as the new CEO indicates that Andersons wants to expand instead of being acquired, said Heather Jones, senior equity research analyst for BB&T Capital Markets. Bowe, 56, previously served as president of Cargill’s corn “wet” milling business and was its vice president in Sao Paulo, Brazil. “I think it honestly confirms that they don’t want to sell and it’s more they intend to become bigger,” Jones said about the reason Andersons hired Bowe. Analysts for years have considered Andersons, which has a $950 million market value, to be a target in the farm sector because of its diversified assets, including grain storage facilities and railcars. In May, Michael Anderson said the company was not interested in being acquired after Richardson International, one of Canada’s largest grain handlers, expressed interest in a takeover. Bowe was not available to discuss his plans for the company, Andersons spokeswoman Debra Crow said. In the statement, he said he was looking forward to “capitalizing on the unique opportunities that lie ahead.” Bowe will earn a base salary of $900,000 and be eligible for bonuses, according to a filing with the U.S. Securities and Exchange Commission. That is a 58 percent increase from Michael Anderson’s base salary last year of $570,000. Michael Anderson “decided to take a reduced schedule and stepped down as CEO,” Crow said. The farm sector has been under pressure from a steep slide in grain prices following massive U.S. harvests. Adjusted net income attributable to Andersons for the six months ending on June 30 was $35.2 million, down from $56.4 million last year. Andersons’ stock price is down about 35 percent this year. Shares were up 2 percent to $34.63 in afternoon trading.