US agricultural processor Archer Daniels Midland (ADM) has announced that Paul Mulhollem, president and chief operating officer, is to retire from the company, effective immediately.

G. Allen Andreas, chairman of the board and chief executive officer of ADM, will temporarily assume the duties of president and COO.

The ADM board of directors announced plans to initiate a search for a new president to take on Mulhollem’s responsibilities and also to assume the position of chief executive officer as a successor for Andreas in his role as CEO.

“With the full approval and support of the board of directors, Andreas has, for a period of time, been developing a succession plan for executive leadership at the company,” said O.G. Webb, vice chairman of ADM’s board.  “This is a continuation of that process.”

Upon the selection of a new president and CEO, Andreas will be elected executive chairman of the board.