US: ADM makes exec changes amid streamlining
Archer Daniels Midland (ADM) has consolidated its operations
Agricultural processor Archer Daniels Midland has announced a series of management changes as it restructures its operations.
ADM is consolidating the management of its cocoa processing business under its oilseeds unit and the responsibility for its wheat milling business under its agricultural processing arm. The changes are effective immediately.
ADM said the consolidation is part of its continued effort to "streamline the organisation and restructure work to drive greater efficiencies and effectiveness". Earlier this year, the firm announced a swathe of job cuts in a bid to save around US$100m a year.
The company announced the retirement of vice chairman John Rice and executive vice president David Smith. ADM said it has begun the search for a new general counsel.
Vice president of investor relations Dwight Grimestad has been appointed to the newly-created position of vice president of corporate strategy. He will be succeeded by Ruth Ann Wisener, who joins ADM from Tyson Foods where she was vice president of investor relations.
ADM also announced the appointment of Mark Kolkhorst as president of milling. He will also be responsible for ADM Alliance Nutrition, replacing Terry Myers, who is retiring as president after 42 years of service.
Kris Lutt has been appointed president of Golden Peanut Co., succeeding the unit's retiring CEO Jimmy Dorsett.
ADM also named Scott Walker, vice president and managing director of ADM Cocoa international as president of ADM Cocoa.
The appointments are effective immediately.
A US court has ruled agribusiness giants Archer Daniels Midland and Cargill must answer allegations of false advertising for high fructose corn syrup (HFCS)....
Shares in Tyson Foods fell today (6 August) after the US meat giant lowered its forecast for annual sales and warned grain costs would weigh on profits in its next financial year....
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