Archer Daniels Streamlines Units; Vice Chairman Rice To Retire

Date : 03/06/2012 @ 11:33AM
Source : Dow Jones News
Stock : Archer-Daniels-Midland Company (ADM)
Quote : 41.89  -0.07 (-0.17%) @ 2:28PM

Archer Daniels Streamlines Units; Vice Chairman Rice To Retire

Archer Daniels (NYSE:ADM)
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Archer Daniels Midland Co. (ADM) plans to reorganize some of its business units in an effort to become more efficient, while two longtime executives announced their retirement plans.

As part of its ongoing streamlining efforts, the agribusiness giant said it will consolidate responsibility for smaller business operations into larger business units.

ADM's cocoa-processing business will become part of the oilseeds unit, and the wheat-milling business will join the agricultural-services unit. Cocoa processing and wheat milling had previously been part of ADM's "other" reporting segment.

The other reporting segment will remain, and the businesses will include the results of ADM Investor Services and the captive-insurance operation.

The Decatur, Ill., grain trading and processing company also said Vice Chairman John Rice has elected to retire after a 36-year career at ADM, and that David Smith, executive vice president, secretary and general counsel, will retire later this year after 31 years with the company. The company is currently seeking a new general counsel.

Rice joined ADM in 1976 as a tax accountant and was ultimately named vice chairman in 2010. Smith joined the law department in 1981 and was appointed general counsel in 2003.

ADM also named Dwight Grimestad to the newly created position of vice president of corporate strategy. He will report to Chairman and Chief Executive Patricia Woertz. Grimestad joined ADM in 2000 as vice president of investor relations.

He will be succeeded by Ruth Ann Wisener, who joins ADM from Tyson Foods Inc. (TSN), where she was vice president of investor relations and assistant secretary.

ADM said in January it would cut 1,000 jobs, or 3% of its work force, highlighting the challenges faced by the agribusiness sector as market volatility cuts into trading profits. The company also reported its fiscal second-quarter earnings plummeted 89% on a large writedown related to an Iowa facility, as overall revenue rose 11%.

-By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com

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