Chicago-based company ADM has named Ismael Roig as its Interim Chief Financial Officer. With a wealth of experience at ADM since 2004, Roig brings extensive knowledge to the role, having served in various global operational and financial leadership positions. This appointment comes as the ADM Board of Directors has placed Vikram Luthar, the former Chief Financial Officer and Senior Vice President, on immediate administrative leave.
ADM has placed Mr. Vikram Luthar on administrative leave pending an ongoing investigation by outside counsel, in conjunction with the Board’s Audit Committee, into certain accounting practices and procedures within ADM’s Nutrition reporting segment. This includes scrutiny of specific intersegment transactions. The investigation was prompted by a voluntary document request from the U.S. Securities and Exchange Commission (SEC), to which ADM is providing full cooperation.
Terry Crews, Lead Director, emphasized the Board's commitment to taking these matters seriously. He stated, "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 closely with ADM’s advisors to chart the best path forward, ensuring alignment with financial governance best practices".
Chair of the Board and CEO Juan Luciano expressed confidence in Ismael Roig, the newly appointed Interim Chief Financial Officer. Luciano highlighted Roig's exceptional leadership qualities, citing his two-decade tenure at ADM, ten years on the Executive Council, and extensive global financial and operational experience. Luciano affirmed, "Ismael is the right choice to lead the Finance organization, and we appreciate his willingness to assume the Interim CFO role at this critical juncture".