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