ADM confirms Ray G Young as Vice President, amid broader global expansion
Global ingredients and nutrition business ADM has confirmed its chief financial officer Ray G. Young will assume the additional role of Vice Chairman, driving its strategic direction.
The company stated that he will transition from his present post once his successor is identified for the firm, which has produced a number of solutions connected to the confectionery and snacks sector.
“On behalf of everyone at ADM, I would like to thank Ray for his service and dedication as CFO and for the thoughtful approach to the succession process,” said Chairman and CEO Juan Luciano. “Ray has significantly contributed to ADM’s transformation into a global leader in human and animal nutrition, and played a key role in helping drive strong financial performance and providing financial flexibility to support ADM’s growth agenda. We are fortunate that we will continue to benefit from Ray’s depth of knowledge and operational expertise as Vice Chairman as we deliver on our strategic growth ambitions.”
“I am incredibly proud of the truly world-class financial organisation we have built here at ADM over the last decade, and am committed to working to ensure a smooth transition,” said Young. “In my new role as Vice Chairman, I look forward to continuing to work closely with Juan and the entire leadership team as we continue to execute on our sustainable growth strategy and build on our momentum.”
key business acquisition
Furthermore, the company has just completed the acquisition of Comhan, a leading South African flavour distributor. ADM has worked together with the local business for a number of years, with the formal acquisition now giving new and current customers more direct access to ADM’s portfolio and network of experts.
“This acquisition marks a very exciting moment for ADM, as we continue to develop our Nutrition business in key growth markets including Africa. I am confident that this acquisition will open up opportunities for our customers in the region and build on the capabilities of our existing offices in Nigeria and Kenya,” said Calvin McEvoy, president of global beverages ADM.
“At ADM we believe it is critical to invest in flavour creation assets globally to extend production and supply chains, making it easier to get unique and consumer-preferred flavours to local customers. The acquisition of Comhan means we can bring together our 80 years’ experience in the flavour industry and Comhan’s unique market insight to generate innovative products which cater to local tastes and interests. Comhan’s business is currently focused on beverages but through this new partnership we plan to grow the distribution capabilities to include food and savoury products,” added McEvoy.
Welcoming Comhan into ADM’s portfolio joins other recent investments in alternative flavour production, including the company’s recent state-of-the-art facilities in Pinghu, China and Berlin, Germany.