ADM CFO Vikram Luthar to resign amid SEC inquiry
USA – Vikram Luthar, Chief Financial Officer (CFO) of ADM (Archer Daniels Midland Company), has reached an agreement to step down from his position, effective September 30, unless an earlier date is mutually agreed upon between Luthar and ADM.
Luthar, who has been with ADM since 2004 and assumed the role of CFO in April 2022, was placed on administrative leave in January following a Securities and Exchange Commission (SEC) inquiry requesting documents.
During Luthar’s absence, Ismael Roig has served as interim CFO. In an April 19 filing with the SEC, ADM disclosed the financial arrangements for Luthar.
He will receive his annual cash performance incentive award for 2023, amounting to US$743,419, along with the shares earned for his 2021 performance share unit award.
These payments align with the company’s determinations regarding executive compensation. Additionally, Luthar will continue to receive his base salary and benefits until his departure, ensuring a smooth transition.
Following his resignation, Luthar will be eligible for a prorated 2024 annual cash performance incentive payment and retirement benefits in accordance with ADM’s guidelines and equity award agreements.
This transition comes amidst ADM’s ongoing and thorough investigation into certain intersegment sales, which were identified and corrected in March.
These sales involved transactions between the Nutrition reporting segment and the Ag Services and Oilseeds and Carbohydrate Solutions reporting segments, and ADM is committed to addressing any potential issues that may arise from this investigation.
ADM shares LCA results of broiler feed additive
In a separate announcement, ADM revealed the results of a Life Cycle Assessment (LCA) for XTRACT 6930, a plant extract-based feed additive for monogastric animals.
The assessment demonstrated the product’s efficacy in reducing the global environmental footprint of broiler meat production.
According to the analysis, the use of XTRACT 6930 reduced live broilers’ carbon footprint by at least 1.9% and the carbon footprint of broiler meat production by at least 2.8%.
Pierre-Joseph Paoli, President of Growth and Marketing for ADM’s animal nutrition business, expressed pride in the LCA data, highlighting its reliability and external verification across four continents.
He emphasized the importance of understanding how feed solutions can positively impact the entire value chain in response to increasing demands to mitigate environmental impact in the industry.
The LCA analysis, conducted in collaboration with Blonk Consultants and in compliance with ISO and European Union (EU) guidelines, was subject to verification by a panel of independent third-party reviewers.
ADM continues to evaluate the environmental effects of its animal nutrition products on animal protein production through ongoing LCAs.
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