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Home»Stock Market»ADM shareholder presses CEO to resign as criminal probe continues By Reuters
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ADM shareholder presses CEO to resign as criminal probe continues By Reuters

January 12, 2025No Comments2 Mins Read
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By P.J. Huffstutter

A shareholder of agribusiness Archer-Daniels-Midland is urging the company’s CEO to step down due to a lack of transparency regarding internal accounting issues that have led to a criminal investigation. The shareholder, Hartwig Fuchs, criticized CEO Juan Luciano in a LinkedIn post titled “Investor-misery has a name: ADM.”

Fuchs, who was the board chairman of German trading firm Alfred C. Toepfer International during ADM’s majority ownership, pointed fingers at Luciano for the company’s poor performance. He referenced a German proverb in his post, implying that leadership was to blame for the company’s troubles.

ADM has faced challenges with its financial reporting, leading to a revision of past reports and a lowered profit outlook for 2024. The company is also under scrutiny by federal prosecutors for possible securities fraud and conspiracy.

Despite these issues, ADM has not publicly responded to Fuchs’ criticisms. The stock price has dropped significantly, prompting shareholders like Fuchs to question the leadership and demand accountability.

© Reuters. FILE PHOTO: Juan Luciano, Chairman, President and CEO of Archer Daniels Midland Company listens to testimony to the House Ways and Means Committee on tax reform on Capitol Hill in Washington, U.S., May 23, 2017. REUTERS/Joshua Roberts/File Photo

“If a highly paid CEO of such an important company cannot manage to provide clarity within a few months – i.e. fully clear up the scandal, communicate with full transparency about what went wrong and what will be done in the future, regain investors’ trust and, above all, protect the company from long-term damage – then he has to go,” Fuchs stated in his post.

ADM is also dealing with other challenges such as low crop prices, regulatory uncertainties in biofuels, and potential trade disputes between the U.S. and China. These factors could further impact the company’s performance in the near future.

ADM CEO Continues criminal presses probe Resign Reuters shareholder
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