ADM names new chief exec

Archer Daniels Midland Company has announced that Juan R Luciano will be the company’s next chief executive officer, effective 1 January 2015. He has also been elected to the company’s board of directors, effective immediately. Luciano currently serves as president and chief operating officer responsible for leading and running the company’s global operations.

Luciano will succeed Patricia Woertz, who will continue in the role of ADM’s chairman of the board and is expected to retire in May 2016.

“When I joined ADM in 2006, one of the areas the board asked me to focus on was leadership development and succession planning, with the goal of ensuring an eventual seamless and successful transition to the next CEO,” Woertz says. “As I look ahead to fulfilling a decade of service to the company, the time feels right to begin that succession. ADM’s future is so bright. We have improved the company’s returns and crafted a strategic plan to achieve further improvements. We have worked hard to build the company’s earnings power and now – with good global demand, large global harvests and the expansion of our higher-margin business with the acquisition of Wild Flavors – we are well positioned for greater success.

“The board and I are confident that Juan – supported by ADM’s experienced and dedicated team – is absolutely the right leader to continue ADM’s success,” Woertz says. “He is exceptionally smart and capable, with global perspective and a proven track record of delivering results. I look forward to supporting him in his new role and working to ensure a smooth and seamless transition.”

“I am honored to have the opportunity to lead our great company and team into the future,” Luciano says. “Under Pat’s leadership, we have made exceptional progress creating a high performance, results focused company. My commitment is to build on that success by accelerating our pace of progress. This is an exciting time, with tremendous opportunities, and all of us at ADM are committed to leveraging our core model to achieve new levels of value creation. I look forward to working with my colleagues to extend our more than 100 year record of success.”

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