CHICAGO, ILLINOIS, US — Vikram Luthar, chief financial officer of ADM, has reached an agreement to resign from the company, effective Sept. 30, unless an earlier date is mutually agreed upon between Luthar and ADM.

Luthar, who has been with ADM since 2004 and was promoted to CFO in April 2022, was placed on administrative leave in January following a Securities and Exchange Commission “voluntary” request for documents. At that time, Ismael Roig was named interim CFO.

In an April 19 filing with the SEC, ADM said it will pay Luthar his annual cash performance incentive award for 2023 in the amount of $743,419 and the shares earned for his 2021 performance share unit award, in each case consistent with the determinations of the company performance metrics that applied to other executive officers. Additionally, he will continue to be paid his base salary and be eligible to participate in the company’s benefit plans subject to their terms during the transition period until his departure, ADM said.

Following his resignation date, consistent with the company’s guidelines under the cash incentive plan and the terms of the equity award agreements applicable upon retirement (the age and service requirements of which Luthar has met), he will be eligible to receive a prorated 2024 annual cash performance incentive payment (based solely on company performance metrics and provided he remains as an employee through July 1, 2024) and retirement treatment for purposes of his outstanding company equity awards, ADM said.

In March, ADM identified and corrected certain intersegment sales that were not recorded at amounts approximating market value as part of an ongoing investigation of its accounting practices.