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CEOWORLD magazine - Latest - Banking and Finance - Ismael Roig is the Interim CFO of ADM after the Forced Leave of Vikram Luthar

Banking and Finance

Ismael Roig is the Interim CFO of ADM after the Forced Leave of Vikram Luthar

On Friday, the board of Archer Daniels Midland (ADM) agreed to place CFO and Senior Vice President Vikram Luthar on administrative leave immediately. This action follows an ongoing investigation by external counsel and the board’s audit committee into certain accounting practices and procedures related to the company’s nutrition reporting group and “certain intersegment transactions,” as outlined in a Securities and Exchange Commission (SEC) filing on Monday.

ADM’s shares experienced a 24% decline, closing at $51.49 on Monday, reflecting investor concerns about the investigation.

Ismael Roig, a veteran at ADM with a 20-year tenure, who most recently served as President of the EMEA region and President of Animal Nutrition, has been named interim CFO, effective immediately.

Terry Crews, lead director of ADM’s board, emphasized the board’s serious approach to these matters. The board will continue working closely with ADM’s advisors to ensure alignment with financial governance best practices.

The SEC’s involvement in the investigation began with a “voluntary document request” from the regulatory body, and ADM has affirmed its cooperation. However, the SEC has not commented on the existence or nonexistence of a potential investigation.

As a result of these developments, ADM announced a delay in its earnings release and conference call for Q4 and full year 2023 results, along with the filing of its 10K for the period ended Dec. 31. The company will provide an update on the timing of its earnings release “as soon as practicable.” Additionally, ADM is withdrawing its forward-looking outlook for the Nutrition reporting segment but anticipates reporting operating profit for its AS&O and Carbohydrate Solutions segments in line with previous guidance from its Q3 earnings call on Oct. 24.

ADM CEO Juan Luciano expressed confidence in Ismael Roig, stating that the company is fortunate to have a leader of his caliber step into the interim CFO role. Roig’s extensive experience, having served in various leadership positions at ADM for two decades, positions him as the right choice to lead the Finance organization. Roig previously spent 11 years at General Motors in various treasury, finance, and controller roles before joining ADM in 2004.

 

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CEOWORLD magazine - Latest - Banking and Finance - Ismael Roig is the Interim CFO of ADM after the Forced Leave of Vikram Luthar
Anna Siampani
Anna Siampani, Lifestyle Editorial Director at the CEOWORLD magazine, working with reporters covering the luxury travel, high-end fashion, hospitality, and lifestyle industries. As lifestyle editorial director, Anna oversees CEOWORLD magazine's daily digital editorial operations, editing and writing features, essays, news, and other content, in addition to editing the magazine's cover stories, astrology pages, and more. You can reach Anna by mail at anna@ceoworld.biz