Archer-Daniels-Midland Co.
ADM Appoints Interim CFO Amidst Investigation
Summary
Archer-Daniels-Midland Company (ADM) announced on January 21, 2024, the appointment of Ismael Roig as Interim Chief Financial Officer, following the placement of Vikram Luthar on administrative leave pending an investigation into certain accounting practices. The investigation, initiated in response to a voluntary document request by the SEC, involves ADM's Nutrition reporting segment and related intersegment transactions. ADM is cooperating with the SEC and will delay its fourth quarter 2023 financial results and the filing of its Annual Report on Form 10-K. The Company expects to deliver above $6.90 in adjusted earnings per share for the fiscal year ended December 31, 2023, excluding the Nutrition segment outlook.
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About Archer-Daniels-Midland Co.
Archer-Daniels-Midland Co. is a global food processing and commodities trading corporation. Its primary function is to procure, transport, store, process, and merchandize a wide variety of agricultural products. Notably involved in the production of oilseeds, corn, wheat, and cocoa, the company plays a critical role in creating essentials like food and animal feed ingredients, renewable fuels, and other industrial products. Archer-Daniels-Midland impacts sectors such as agriculture, energy, and nutrition. Additionally, it emphasizes sustainable practices, focusing on responsible production and supply chain management. Established in 1902, the company has grown to become a significant player in the agricultural industry, with operations spanning over various continents, fortifying its market significance by ensuring food security and supporting energy alternatives like ethanol. Archer-Daniels-Midland serves a broad array of customers, including food manufacturers and industrial processors, by converting natural products into key ingredients and solutions, thus driving forward the global food supply chain.
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