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ADM names interim CFO amid ongoing investigation

Archer-Daniels-Midland (ADM) has appointed Ismael Roig as interim chief financial officer following the decision to place Vikram Luthar, chief financial officer and senior vice president, on administrative leave, effective immediately. The appointment comes in light of an ongoing investigation regarding certain accounting practices within ADM's Nutrition reporting segment, including related intersegment transactions. Terry Crews, lead director of ADM's board, said: “The board takes these matters very seriously. Pending the outcome of the investigation, the board determined that it was advisable to place Luthar on administrative leave. The Board will continue to work in close coordination with ADM’s advisors to identify the best path forward and ensure ADM’s processes align with financial governance best practices.” Roig first joined ADM in 2004, serving a variety of global operation and financial leadership roles. Juan Luciano, ADM's chair of the board and CEO, commented: “We are fortunate to have a leader of Roig's caliber step into the chief financial officer role on an interim basis. Having served in various leadership positions at ADM over the past 20 years, as a member of the executive council for 10 years, and with his global financial and operating experience, Ismael is the right choice to lead the finance organisation.” Roig added: “I look forward to working closely with the management team and board, including the audit committee, as we resolve this matter and continue to drive value for our stockholders and customers.” ADM, under the oversight of the audit committee, is working with its advisors to promptly conclude the investigation. ADM said that it will make "further announcements regarding this matter when the board of directors approves any course of action for which further disclosure is appropriate".

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