Archer Daniels Midland Company (NYSE: ADM) today announces the
planned retirement of two executives as well as the reorganization
of some of its business units.
Rice and Smith to Retire
Following a 36-year career at ADM, John Rice, vice chairman, has
elected to retire. Prior to becoming vice chairman in 2010, Rice
led ADM’s risk management efforts, and served as head of global
origination, merchandising, processing and marketing across ADM’s
major business lines.
“John has been an integral part of ADM’s growth,” said chairman
and CEO Patricia Woertz. “He is acknowledged throughout our company
and our industry as a leading expert in agricultural merchandising,
and we are extremely grateful for the leadership and focus on
results he has provided.”
David Smith, executive vice president, secretary and general
counsel, has announced his intention to retire later this year,
after 31 years with the company. The company has begun the search
for a new general counsel.
“David has been a devoted leader and an exceptional counselor to
our company. He has played a key role in building ADM into the
great company it is today,” Woertz said. “John and David each have
the deep gratitude and profound respect of our colleagues for their
decades of service and leadership.”
Grimestad to Key Strategy Role; Wisener Joins Investor
Relations
To further strengthen the link between ADM’s strategic planning
and its shareholder value creation, Dwight Grimestad will assume a
new role of vice president, Corporate Strategy, reporting to
Woertz.
Joining ADM as vice president, Investor Relations, is Ruth Ann
Wisener who previously held positions of senior director, Food
Services Sales, and vice president, Investor Relations for Tyson
Foods. Wisener will report to chief financial officer Ray
Young.
“Dwight’s deep insight into our business and his keen focus on
shareholder value will strengthen the development and execution of
ADM’s corporate strategy,” said Woertz. “We welcome Ruth Ann to our
team. We will benefit from her knowledge of our sector, her strong
relationships among our investment community and her experience
leading investor communications.”
Milling Business under Agricultural Services; Cocoa Business
under Oilseeds
As part of its continued effort to streamline the organization
and restructure work to drive greater efficiencies and
effectiveness, the company is consolidating responsibility for
smaller business operations into larger business units. Effective
immediately, management of ADM’s cocoa processing business will
become part of the company’s Oilseeds business unit; and
responsibility for ADM’s wheat milling business will become part of
the company’s Agricultural Services business unit. Previously,
cocoa processing and wheat milling had been part of ADM’s reporting
segment called Other.
Starting with ADM’s fiscal year 2012 fourth quarter, the
financial results from cocoa will be reported as part of the
Oilseeds segment, and wheat milling will be reported as part of the
Agricultural Services segment. The Other reporting segment will
remain and will include the results of businesses including ADM
Investor Services as well as ADM’s captive insurance operation.
About Rice
John Rice joined ADM in 1976 as a tax accountant. From 1978 to
1993, he held positions in merchandising and merchandising
management. In 1993, he was elected a vice president of the
company, and subsequently served as president, North American
Oilseeds and Food Oils; and senior vice president, Global Corn
Processing, BioProducts and Food. In 2005, Rice was elected
executive vice president, Global Marketing and Risk Management; and
in 2007, he was named executive vice president, Commercial and
Production. In this role, he had responsibility for global
origination, merchandising, processing and marketing across ADM’s
major business lines. In 2010, Rice was named vice chairman, Office
of the Chairman, a newly created role designed to apply his
expertise and mastery of ADM’s business to an expanded set of
operational and strategic challenges including extracting value
from existing assets and driving operational excellence. Rice
graduated with a bachelor’s degree from the University of St.
Thomas in St. Paul, Minn., and served on the board of directors of
Wilmar International Limited and the supervisory board of Alfred C.
Toepfer International.
About Smith
David Smith joined the ADM Law department in 1981, and was
appointed assistant secretary in 1988. He was appointed assistant
general counsel in 1995 and was named vice president, secretary and
general counsel in 1997. In 2003, Smith was named executive vice
president, secretary and general counsel. In addition to overseeing
all worldwide legal affairs for the company, Smith also had
responsibility for various administrative functions including
Corporate Security and Services, Internal Audit, Aviation and the
Office of Compliance and Ethics. Smith received a bachelor’s degree
in business from Western Illinois University and a Juris Doctor
from the John Marshall Law School. He is a member of the Illinois
State Bar Association.
About Grimestad
Dwight Grimestad joined ADM in 2000 as vice president, Investor
Relations. During his tenure with the company, Grimestad has
strengthened ADM’s relationships with the financial community,
increasing its understanding of ADM’s business model, strategies
for growth and earnings potential. Prior to joining ADM, he
developed investor relations programs for Rhodia, Rhone-Poulenc and
Nalco Chemical. Grimestad received a Bachelor of Science degree in
chemical engineering from Northwestern University and a Master of
Business Administration degree from Harvard University.
About Wisener
Ruth Ann Wisener joins ADM from Tyson Foods where she served as
vice president, Investor Relations and assistant secretary for the
company. In 2011, she was recognized by Institutional Investor
magazine as one of the top investor relations professionals in the
food sector. She also has experience in litigation at Tyson Foods
and as a private practice attorney in the state of Arkansas.
Wisener received a Bachelor of Arts degree in political science
from Hendrix College and a Juris Doctor degree from the University
of Arkansas School of Law.
About ADM
For more than a century, the people of Archer Daniels Midland
Company (NYSE: ADM) have transformed crops into products that serve
vital needs. Today, 30,000 ADM employees around the globe convert
oilseeds, corn, wheat and cocoa into products for food, animal
feed, industrial and energy uses. With more than 265 processing
plants, 400 crop procurement facilities, and the world’s premier
crop transportation network, ADM helps connect the harvest to the
home in more than 160 countries. For more information about ADM and
its products, visit www.adm.com.
Archer Daniels Midland (NYSE:ADM)
Historical Stock Chart
From Apr 2024 to May 2024
Archer Daniels Midland (NYSE:ADM)
Historical Stock Chart
From May 2023 to May 2024