Food ingredients giant Archer Daniels Midland has named Steven Mills chief financial officer.

Mills will assume his new role on 1 March, succeeding Douglas Schmalz who is retiring after more thans 23 years of the service with the company.

Mills will lead ADM's worldwide finance organisation and have responsibility for a number of sectors including accounting, strategic planning, treasury, tax and speciality food ingredients.

"Steve Mills is extremely well qualified to succeed Doug," said, Patricia Woertz, chairman and chief executive officer of ADM. "His talent and expertise gives him the ability to contribute broadly to the growth and direction of the company."