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Archer Daniels Midland (NYSE:ADM) disclosed on Sunday that it has placed its Chief Financial Officer, Vikram Luthar, on administrative leave. This decision comes in light of an investigation into certain accounting practices and procedures related to the company’s nutrition segment, following a document request by the Securities and Exchange Commission.
Ismael Roig, who has been a part of the company since 2004 and has held various operational and financial leadership roles, has been appointed as the interim CFO of ADM (ADM).
Notably, the company has announced a delay in its Q4 earnings release as well as the filing of its annual report on Form 10-K for FY 2023.
In response to the developments, ADM (ADM) has retracted its guidance for the nutrition unit. The company now anticipates delivering adjusted earnings of above $6.90 per share for FY 2023, after previously forecasting full-year profits exceeding $7 per share.
Analyst estimates compiled by Bloomberg suggest that the nutrition segment’s 2023 operating income is expected to decrease by more than 18%, marking the lowest figure since 2020.
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