On Sunday, Jan. 21, announced it has appointed Ismael Roig as Interim Chief Financial Officer. This is following the ADM Board of Directors placing Vikram Luthar, Chief Financial Officer and Senior Vice President, on administrative leave.
Luthar’s leave is pending an ongoing investigation being conducted by outside counsel for ADM and the Board’s Audit Committee. The investigation is in response to ADM receiving a voluntary document request by the U.S. Securities and Exchange Commission (SEC). Specifically, the request regards accounting practices and procedures with respect to ADM’s Nutrition reporting segment, including as related to certain intersegment transactions.
“The Board takes these matters very seriously,” said Terry Crews, Lead Director, in a news release. “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.”
The company says it is cooperating with the SEC and ADM with the Audit Committee’s oversight is working with its advisors to complete the investigation. Any future updates will be after the board of directors of ADM approves announcing any further disclosure.
With the CFO announcement, ADM also said it will delay its earnings release and conference call relating to fourth quarter and full year 2023 financial results, as well as the filing of its Annual Report on Form 10-K for the year ended December 31, 2023.
Regarding its future outlook, because of the ongoing investigation, ADM withdraws all of its forward-looking outlook for the Nutrition reporting segment.
Roig joined the company in 2004, and he most recently served both as President of Europe, Africa and Middle Eastern markets at ADM.
In the company’s news release Roig said, “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.”
Chair of the Board and CEO Juan Luciano said, “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 ten 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.”
