DECATUR, ILLINOIS, U.S. — Archer Daniels Midland Company (ADM) announced on March 6 the planned retirement of two executives as well as the reorganization of some of its business units.
Following a 36-year career at ADM, John Rice, vice-chairman, has elected to retire. Prior to becoming vice-chairman in 2010, Rice led ADM’s risk management efforts, and served as head of global origination, merchandising, processing and marketing across ADM’s major business lines.
“John has been an integral part of ADM’s growth,” said Chairman and Chief Executive Officer Patricia Woertz. “He is acknowledged throughout our company and our industry as a leading expert in agricultural merchandising, and we are extremely grateful for the leadership and focus on results he has provided.”
David Smith, executive vice-president, secretary and general counsel, has announced his intention to retire later this year, after 31 years with the company. The company has begun the search for a new general counsel.
“David has been a devoted leader and an exceptional counselor to our company. He has played a key role in building ADM into the great company it is today,” Woertz said. “John and David each have the deep gratitude and profound respect of our colleagues for their decades of service and leadership.”
To further strengthen the link between ADM’s strategic planning and its shareholder value creation, Dwight Grimestad will assume a new role of vice-president, corporate strategy, reporting to Woertz.
Joining ADM as vice-president, investor relations, is Ruth Ann Wisener who previously held positions of senior director, food services sales, and vice-president, investor relations for Tyson Foods. Wisener will report to chief financial officer Ray Young.
“Dwight’s deep insight into our business and his keen focus on shareholder value will strengthen the development and execution of ADM’s corporate strategy,” said Woertz. “We welcome Ruth Ann to our team. We will benefit from her knowledge of our sector, her strong relationships among our investment community and her experience leading investor communications.”
As part of its continued effort to streamline the organization and restructure work to drive greater efficiencies and effectiveness, the company is consolidating responsibility for smaller business operations into larger business units.
Effective immediately, management of ADM’s cocoa processing business will become part of the company’s Oilseeds business unit; and responsibility for ADM’s wheat milling business will become part of the company’s Agricultural Services business unit. Previously, cocoa processing and wheat milling had been part of ADM’s reporting segment called Other.
Starting with ADM’s fiscal year 2012 fourth quarter, the financial results from cocoa will be reported as part of the Oilseeds segment, and wheat milling will be reported as part of the Agricultural Services segment. The Other reporting segment will remain and will include the results of businesses including ADM Investor Services as well as ADM’s captive insurance operation.