This week, ADM appointed an interim chief financial officer while the current CFO, Vikram Luthar, was placed on administrative leave. Luthar’s leave is pending an ongoing investigation conducted by outside counsel for ADM and the Board’s Audit Committee regarding certain accounting practices and procedures concerning ADM’s Nutrition segment, including certain intersegment transactions.
ADM’s investigation was initiated in response to a voluntary document request by the U.S. Securities and Exchange Commission. ADM Lead Director Terry Crews says, “Pending the outcome of the investigation, the Board determined that it was advisable to place Luthar on administrative leave. The Board will continue working closely with ADM’s advisors to identify the best path forward and ensure ADM’s processes align with financial governance best practices.”
ADM will make further announcements regarding the matter when the Board of Directors see fit.