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ADM or Archer Daniels Midland, a grain merchant and food processing company, announced on Sunday, Jan 21, that it appointed Ismael Roig as its interim chief financial officer. The company’s board of directors made the appointment after deciding to place its CFO, Vikram Luthar, on administrative leave.
Bloomberg reported that Luthar’s leave is effective immediately, and an investigation is underway. ADM said the CFO has to step aside while the company undergoes a probe regarding some practices and procedures related to the company’s nutrition reporting segment.
Delayed Earnings Report for Q4
In any case, the investigation is being carried out in response to a voluntary document requested by the U.S. Securities and Exchange Commission (SEC). ADM assured everyone that it is sincerely cooperating with the commission
With the probe, the company said it is pulling back its outlook for the nutrition division. The fourth quarter and full-year earnings release will also be delayed due to the inquiry.
Road Ahead Amid the Probe
ADM is full of conflicts right now, and as it navigates through the issues, the investors, global community in agri-business, and government regulatory agencies will surely keep a close watch on the actions it chooses to take. With this, how the company will deal with the issues the investigation would uncover is yet to be seen. Then again, the impact on the company’s financial results and operations is still unknown.
“We are fortunate to have a leader of Ismael’s caliber step into the Chief Financial Officer role on an interim basis,” ADM’s chief executive officer and chairman of the board, Juan Luciano, said in a press release. “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.”
Terry Crews, lead director, further stated, “The Board takes these matters very seriously. Pending the outcome of the investigation, the board determined that it was advisable to place Mr. Luthar on administrative leave and we 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.”
Photo by: ADM Website
