DECATUR, ILLINOIS, U.S. — Archer Daniels Midland Company (ADM) on Oct. 28 announced a realignment of its senior leadership, a move the company said supports a commitment to significantly grow shareholder value.
ADM Chairman and Chief Executive Officer Patricia Woertz promoted two longtime ADM executives to lead the growth efforts and announced the appointment of a new chief financial officer (CFO).
"We have committed to a new phase of profitable growth at ADM. We intend to grow shareholder value, grow earnings and grow the size of our company," said Woertz. "Such growth requires focused attention and keen insight into opportunities in the market and the strengths of our company. I have asked John Rice and Steve Mills to take on new positions and have hired Ray Young as CFO to help lead ADM into this new era."
John D. Rice, who leads the company’s Commercial and Production teams, was named vice-chairman. He will focus on extracting value from existing assets and driving operational excellence. He will continue to lead Commercial and Production.
Steven R. Mills, the company's CFO since 2008, was named senior executive vice-president, Performance and Growth. He will focus on driving growth through business development and acquisitions. Mills will remain CFO until Dec. 1, 2010.
Ray G. Young joins the company as senior vice-president and CFO. Young comes to ADM from General Motors Company, where he most recently served as vice-president, International Operations, based in Shanghai, China. Previously, he served as GM’s CFO. Young joined ADM on Oct. 28, and will assume the CFO role on Dec. 1, 2010.
"As vice-chairman, John will apply his expertise and deep mastery of our business to an expanded set of operational and strategic issues," said Woertz.
"In his tenure as CFO, Steve brought greater clarity to our public reporting, including the introduction of key metrics. Now, as Sr. EVP, Performance and Growth, Steve will apply his financial acumen and extensive experience to accelerate and enhance value from new investments.
"Ray is a great addition to our leadership team. He has unique qualifications that make him an excellent fit for ADM. He’s had broad operational and financial experience in both mature and emerging markets, including China and Brazil. He has strong debt, equity and investor relations skills, as well as large-scale operational financial experience. He has a real passion for growth and improvement and a commitment to integrity and communication that will fit in well at ADM."