ADM’s Chief Financial Officer 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. Luthar’s resignation comes in the wake of accounting issues within ADM’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, played a key role in the company’s growth and transition into a diversified food ingredients and nutrition company. However, the recent market shocks revealed some challenges within the new division, leading to the correction of financial data and a decrease in ADM’s stock value.

Despite the challenges, ADM CEO Juan Luciano expressed confidence in the company’s future and the decision to seek a new CFO. Luthar will receive a cash performance incentive award for 2023 and shares tied to company performance as part of his departure package.

Investors will be closely watching ADM’s next steps as the company navigates this transition period. ADM’s shares closed slightly lower on Monday, reflecting ongoing uncertainty surrounding the accounting issues and leadership changes.

As ADM moves forward, the search for a new CFO will be a critical step in restoring investor confidence and ensuring the company’s continued success in the competitive grain trading industry.