Archer-Daniels-Midland Company ADM shares are trading lower today. On Monday, the company disclosed that Chief Financial Officer (CFO) Vikram Luthar plans to resign from the post effective September 30, 2024.
The company said Luthar will receive an annual cash performance incentive award of $743,419 for 2023 and shares earned in 2021 related to the company’s performance.
Luthar will remain at the company as a non-executive employee until his resignation date to provide transitional support as the company searches for a new CFO.
Read: ADM Executive Bonuses Delayed Amidst Accounting Probe, Leaked Memo Reveals: Report
Luthar is the highest-level executive to leave the firm since the company announced accounting issues within its Nutrition division, as per Reuters.
In January 2024, Archer-Daniels-Midland placed Vikram Luthar on leave due to an investigation studying accounting practices and procedures related to its nutrition segment and appointed Ismael Roig as its interim CFO.
“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,” CEO Juan Luciano said in an internal memo seen by Reuters.
Last month, Archer-Daniels-Midland reported a fourth-quarter FY23 revenue of $22.98 billion, which missed the consensus estimate of $23.64 billion, and adjusted EPS of $1.36 missed the consensus estimate of $1.43.
Related: Archer-Daniels-Midland’s Financial Figures ‘Are Too High,’ Analyst Downgrades Stock
Investors can gain exposure to the stock via First Trust Nasdaq Food & Beverage ETF FTXG and First Trust Indxx Global Natural Resources Income ETF FTRI.
Price Action: ADM shares are trading lower by 1.31% at $61.68 at the last check Tuesday.
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