Vikram Luthar, chief financial officer for ADM (Archer Daniel Midlands) is stepping aside because the board of directors has ordered an outside audit after the United States Securities Exchange Commission asked the company to voluntarily give it documents related to internal transactions involving the nutrition division.
Ismael Roig has been named interim chief financial officer while Luthar is on administrative leave.
“The Board takes these matters very seriously,” said Terry Crews, Lead Director, in a news release. “Pending the outcome of the investigation, the board determined that it was advisable to place Mr. Luthar on administrative leave. The board will continue to work in close coordination with ADM’s advisors to identify the best path forward and ensure ADM’s processes align with financial governance best practices.”
The company said it is cooperating with the SEC and ADM with the audit committee’s oversight is working with its advisors to complete the investigation.
