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Monsanto names Peabody CEO Boyce as a board member

ST. LOUIS (AP) -- Agriculture products company Monsanto named the chairman and CEO of coal company Peabody Energy as a director, expanding the size of its board to 12 members.

Gregory H. Boyce became Peabody Energy's CEO since 2006 and became its chairman in 2007. He previously served as CEO of energy for international mining company Rio Tinto and was the president and CEO of Kennecott Energy Co. and president of Kennecott Minerals Co.

Boyce, who will be an independent director, will stand for election at Monsanto Co.'s 2014 annual shareholders meeting. He will serve on the sustainability and corporate responsibility committee and the science and technology committee.

For 2012, Monsanto board members received $215,000 in compensation, with at least half in deferred stock, and another $215,000 in restricted stock that vests in three years, according to a filing with the Securities and Exchange Commission.

Earlier this month, Monsanto reported that its second-quarter net income climbed on strong sales of biotech seeds, particularly in Brazil and other emerging markets. The company also boosted its full-year earnings guidance, citing its strong performance in the first half of the year.

Shares of Monsanto, which is based in St. Louis, added $1.04 to $104.14 in morning trading on Tuesday.