Seamless CEO transition underscores leadership strength, succession planning
CHICAGO--(BUSINESS WIRE)--Archer Daniels Midland Company (NYSE: ADM) announced today that Juan R.
Luciano has been named the company’s next chief executive officer,
effective Jan. 1, 2015. He was also elected to the company’s board of
directors, effective immediately. Luciano currently serves as president
and chief operating officer responsible for leading and running the
company’s global operations.
Luciano will succeed Patricia Woertz, who will continue in the role of
ADM’s chairman of the board and is expected to retire in May 2016.
“When I joined ADM in 2006, one of the areas the board asked me to focus
on was leadership development and succession planning, with the goal of
ensuring an eventual seamless and successful transition to the next
CEO,” Woertz said. “As I look ahead to fulfilling a decade of service to
the company, the time feels right to begin that succession. ADM’s future
is so bright. We have improved the company’s returns and crafted a
strategic plan to achieve further improvements. We have worked hard to
build the company’s earnings power and now—with good global demand,
large global harvests and the expansion of our higher-margin business
with the acquisition of WILD Flavors—we are well positioned for greater
success.
“The board and I are confident that Juan—supported by ADM’s experienced
and dedicated team—is absolutely the right leader to continue ADM’s
success,” Woertz said. “He is exceptionally smart and capable, with
global perspective and a proven track record of delivering results. I
look forward to supporting him in his new role and working to ensure a
smooth and seamless transition.”
“I am honored to have the opportunity to lead our great company and team
into the future,” Luciano said. “Under Pat’s leadership, we have made
exceptional progress creating a high-performance, results-focused
company. My commitment is to build on that success by accelerating our
pace of progress. This is an exciting time, with tremendous
opportunities, and all of us at ADM are committed to leveraging our core
model to achieve new levels of value-creation. I look forward to working
with my colleagues to extend our more than 100-year record of success.”
Don Felsinger, ADM’s lead independent director, commented on Woertz’s
tenure as chief executive officer: “As chairman and CEO for the past
eight years, Pat has led the company to become stronger and more
disciplined—enhancing its earnings power by leading a focus on returns,
optimizing its business portfolio and strengthening its leadership team.
With her commitment to excellence and her personal integrity, the
company has achieved record financial performance, always with an
emphasis on earning the right results, the right way. We congratulate
Pat and look forward to her continued advice and perspective as chairman
of the board.”
Commenting on the board’s appointment of Luciano as ADM’s next CEO,
Felsinger said: “Since joining ADM in 2011, Juan has made an exceptional
contribution to the company’s success. His focus on delivering
improvements in cost, cash and capital has resonated with investors, and
his drive to ensure ADM reaches new levels of customer relevance and
excellence ensures that ADM is positioned well for future success. We
are confident he will be an outstanding chief executive.”
About Juan Luciano
Effective Jan. 1, 2015, Juan Luciano will be ADM’s president and chief
executive officer. He will be the ninth chief executive in ADM’s
112-year history. He joined ADM in 2011 as executive vice president and
chief operating officer, and was named president in February 2014.
As president and chief operating officer, Luciano oversees the
commercial and production activities of ADM’s Corn, Oilseeds, and
Agricultural Services businesses, as well as its research, project
management, procurement and risk management functions. He also oversees
the company’s operational excellence initiatives, which seek to improve
productivity and efficiency companywide. He has led the company’s
efforts to improve its capital, cost and cash positions.
Previously, Luciano was with The Dow Chemical Company, where he last
served as executive vice president and president of the Performance
division.
Luciano is a governor of the Boys and Girls Clubs of America, and
Midwest chair of the organization’s National Trustees Board. He holds an
industrial engineering degree from the Buenos Aires Institute of
Technology.
About Pat Woertz
Patricia A. Woertz is chairman of the board of directors and chief
executive officer of Archer Daniels Midland Company. Effective Jan. 1,
2015, she will be chairman of the board.
Woertz joined ADM as CEO and president in April 2006. She was named
chairman of the board in February 2007. Since joining ADM, Woertz has
driven efforts to improve shareholder returns while growing the business
through acquisitions, capital investments and partnerships. Under her
leadership, ADM has strengthened its global network and grown its
portfolio of higher-margin products.
Previously, Woertz was with Chevron Corporation, where she last served
as executive vice president in charge of global refining, marketing,
lubricant, and supply and trading operations.
She serves on the boards of directors of The Procter & Gamble Company
and Royal Dutch Shell plc. She also chairs the U.S. section of the
U.S.-Brazil CEO Forum and is a member of The Business Council. In 2010,
she was appointed to the President’s Export Council by President Obama.
Woertz holds a Bachelor of Science degree in accounting from The
Pennsylvania State University, which has awarded her its highest
recognition for alumni.
About ADM
For more than a century, the people of Archer Daniels Midland Company
(NYSE: ADM) have transformed crops into products that serve the vital
needs of a growing world. Today, we’re one of the world’s largest
agricultural processors and food ingredient providers, with more than
33,000 employees serving customers in more than 140 countries. With a
global value chain that includes more than 470 crop procurement
locations, 285 ingredient manufacturing facilities, 40 innovation
centers and the world’s premier crop transportation network, we connect
the harvest to the home, making products for food, animal feed, chemical
and energy uses. Learn more at www.adm.com.
Archer Daniels Midland Company
Media Relations
Jackie Anderson, 217-424-5413
media@adm.com