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ADM’s CFO Luthar to resign as US government investigation looms – Reuters
FoodBev Media

FoodBev Media

23 April 2024

ADM’s CFO Luthar to resign as US government investigation looms – Reuters

ADM has announced that its chief financial officer Virkam Luthar will resign from his role, effective from 30 September 2024. ADM appointed Ismael Roig as interim chief financial officer on 21 January 2024, following the decision to place Luthar, who held the roles of CFO and senior vice president, on administrative leave, effective immediately from the time of the announcement. Luthar is the highest-level exec to leave the firm since it disclosed accounting issues within its Nutrition division. The issues triggered two government investigations and forced ADM to revise six years of financial data. According to Reuters, Luthar will receive $743,419 in cash performance incentive award for 2023 and shares awarded in 2021 that were tied to company performance. Luthar will remain at ADM in a nonexecutive capacity until his resignation date to ‘provide transitional support’ as the company searches for a new CFO. Luthar joined ADM from General Motors in 2004, rising to become the CFO of ADM's Nutrition unit in 2020 and later to company CFO in 2022. However, a string of market shocks exposed some issues in the new division. In February, FoodBev reported that ADM’s accounting practices were under investigation, at which point ADM’s market value had plummeted by nearly $8 billion since the investigation was made public. In March, ADM corrected six years of financial data after an internal investigation found some sales between business units within the company were not recorded properly. #ADM said it had overstated annual operating profit in the Nutrition segment by as much as 9.2%. It is worth noting that government investigations are not evidence of wrongdoing and do not necessarily result in charges.

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