Archer Daniels Midland (NYSE: ADM) announced on Monday that its Chief Financial Officer (CFO), Vikram Luthar, has agreed to resign effective September 30, 2023. This decision comes after Luthar was placed on administrative leave earlier this year pending an internal accounting investigation.
The company has been facing an investigation by the U.S. Department of Justice over its accounting practices. As per the agreement, Luthar will receive his annual cash performance incentive award for 2023 of $743,419 and the shares earned for his 2021 performance share unit award. He will continue to receive his base salary and benefits while employed during the transition.
Luthar was promoted to the CFO position in 2022 after nearly 20 years at the company. The termination is the much-anticipated outcome of the company’s investigation into accounting practices in its nutrition business. ADM has initiated a formal selection process to find a new CFO.
