Archer Daniels Midland Co. (ADM) chief financial officer (CFO) Vikram Luthar will resign from the company, effective September 30, according to a filing with the U.S. Securities and Exchange Commission (SEC).
Luthar, who also served as senior vice president, was placed on administrative leave in January amid an investigation into certain accounting practices and procedures within ADM’s Nutrition reporting segment. He joined ADM in 2004 and was appointed CFO in April 2022.
In the SEC filing dated April 19, the company said Luthar would be “available to assist the company and provide transitional support as needed” until his resignation date. He will receive his annual cash performance incentive award for 2023 in the amount of US$743,419 and shares earned under his 2021 performance share unit award. During the transition period, he will continue to be paid his base salary.
Luthar’s departure comes after two government investigations into accounting practices that were initiated in response to a voluntary document request by the SEC.
“ADM has initiated a formal selection process to identify the company’s next CFO,” ADM said in an email to Feed Strategy. “Vikram Luthar is transitioning to a non-executive position, until the end of September, to support transitional efforts as needed. We appreciate Vikram’s many years of service to ADM, and wish him the best in the future.”
Ismael Roig has served as interim CFO since Luthar was placed on leave in January. Roig most recently served as ADM’s president of Europe, Middle East and Africa, and as president of ADM’s animal nutrition unit.
