ADM has announced the appointment of Ismael Roig as interim chief financial officer. According to the company, Roig is a skilled executive familiar with ADM’s business, having served in a variety of global operational and financial leadership roles since joining the company in 2004. The appointment follows the ADM board of directors’ decision to place Vikram Luthar, former CFO and senior vice president, on administrative leave, effective immediately.
Luthar’s leave is pending an ongoing investigation being conducted by outside counsel for ADM and the board’s audit committee regarding certain accounting practices and procedures concerning ADM’s nutrition reporting segment, including as related to certain intersegment transactions. ADM’s investigation was initiated in response to its receipt of a voluntary document request by the U.S. Securities and Exchange Commission (SEC). ADM is cooperating with the SEC.
“The Board takes these matters very seriously,” says Terry Crews, lead director. “Pending the outcome of the investigation, the board determined that it was advisable to place Mr. 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.”
Chair of the board and CEO Juan Luciano says, “We are fortunate to have a leader of Ismael’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 organization. We appreciate Ismael’s willingness to take on the interim CFO role at this juncture.”
Roig adds, “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, with the audit committee’s oversight, is working with its advisors to complete the investigation expeditiously. ADM will make further announcements regarding this matter when the board of directors approves any course of action for which further disclosure is appropriate.Related: ADM set to expand traceable soybean pilot on the heels of first European deliveries
