Patricia Woertz to remain chairman, will retire in 2016
Archer Daniels Midland Company has named Juan R. Luciano as the company’s next CEO, 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 CEO: “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.”