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Archer Daniels Midland Co., or ADM, revealed that its chief financial officer, Vikram Luthar, agreed to resign from his post, effective Sept. 30. His resignation comes as the company goes through an investigation over accounting practices.
ADM already placed Luthar on administrative leave in January as the government launched a probe against the firm. However, while he is suspended, Bloomberg reported that the CFO will be available to assist the company during the transition period.
Former CFO Shifts to Non-Executive Role
The company said Luthar would provide support as needed so he would still be in the office. However, he will no longer serve in a high position but will instead help ADM as a non-executive employee. He will also continue receiving his base salary, specified in ADM's recent U.S. Securities and Exchange Commission (SEC) filing.
In a separate statement, ADM said the formal selection process for the next CFO has started. The company is expected to announce a name any time now.
Luthar's Departure and the Cause
Luthar is leaving ADM after working for almost 20 years. His unfortunate sudden departure resulted from a probe into the company's accounting practices that have shaken the commodity business sector. Because of this, ADM also lost about $8.8 billion of its market value in just a day.
Meanwhile, Reuters reported that Luthar will exit the company with proper compensation. ADM reportedly confirmed that the former CFO will still get $743,419 in cash performance incentives for his service in 2023. He may also receive the shares awarded in 2021, which were tied to company performance.
"The decision to move forward in this direction was made after careful consideration of the future of our company and how to best position ADM for success," the company's chief executive officer, Juan Luciano, said via an internal memo seen by Reuters.
Photo by: ADM Website
