Archer Daniels Midland has named General Motors executive Ray Young as CFO as part of a management reshuffle at the agribusiness giant.

Young, vice president for General Motors' international division, joins ADM immediately but will take his new position on 1 December.

ADM's current CFO Steve Mills has been moved to a role of senior vice president for performance and growth, where acquisitions will be one of his key responsibilities.

Meanwhile, John Rice, who leads ADM's commercial and production teams, will continue in that job but has also been named vice chairman.

"We have committed to a new phase of profitable growth at ADM. We intend to grow shareholder value, grow earnings and grow the size of our company," said chairman and CEO Patricia Woertz. "Such growth requires focused attention and keen insight into opportunities in the market and the strengths of our company. I have asked John Rice and Steve Mills to take on new positions and have hired Ray Young as CFO to help lead ADM into this new era."