ADM’s CFO to step down amid US government probe

Archer-Daniels-Midland (ADM) announced on Monday that Chief Financial Officer Vikram Luthar will be stepping down from his role effective Sept. 30. This move comes in the wake of accounting issues within the company’s Nutrition division, which led to two government investigations and the revision of six years of financial data.

Luthar, who joined ADM from General Motors in 2004, has been a key figure in the company’s growth and transition into a diversified food ingredients and nutrition company. However, the recent accounting discrepancies within the Nutrition unit have prompted his resignation.

ADM stated that Luthar will receive a cash performance incentive award for 2023 and shares tied to company performance. He will also stay on in a nonexecutive capacity until his resignation date to assist with the transition as the company searches for a new CFO.

CEO Juan Luciano expressed that the decision to part ways with Luthar was made after careful consideration of the company’s future and how to best position ADM for success. Despite the challenges faced by the company, ADM shares closed only slightly down on Monday.

The departure of Luthar marks a significant change for ADM, as they navigate through the aftermath of the accounting issues and work towards restoring investor confidence. The company remains focused on moving forward and finding a suitable replacement for the CFO position.