Vikram Luthar currently on administrative leave will resign as CFO effective September 30th. At issue were accounting irregularities that are currently under investigation by the SEC. Luthar joined ADM from General Motors in 2004 and became CFO of the Nutrition Segment in 2020. In 2022 he was promoted to corporate CFO.
ADM was obliged to correct financial data extending back to 2018 due to incorrect inter-segment transfers that overstated performance. It is emphasized that the financial reports of the company were not affected by the intra-company irregularities.
Juan Luciano, CEO stated, “The decision to move forward in this direction was made after careful consideration of the future of our Company and how to best position ADM for success.” The Company is now searching for a new CFO and plans to move on from the situation that resulted in a transitory decline in share price.
On April 24th, ADM had a market capitalization of $31,000 million and has moved over the past 52-weeks from a low of $50.72 to $87.30 with a 50-day moving average of $58.44. The Company generated a trailing 12-month profit margin of 3.7 percent and achieved a return on assets of 3.4 percent.