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.