Posted on 01/24/2024 9:42:45 AM PST by george76
Company says it is cooperating with the SEC after receiving a document request..
Agriculture company Archer Daniels Midland ADM .. placed its chief financial officer, Vikram Luthar, on administrative leave as it investigates accounting practices at the company.
The Chicago grain merchant and commodity trader said that the continuing investigation centers around ADM’s nutrition business and that it follows a voluntary document request by the U.S. Securities and Exchange Commission.
ADM said Luthar’s leave is pending an investigation by outside counsel and its board’s audit committee, focused on certain intersegment transactions in the company’s nutrition business. ADM said it is cooperating with the SEC, and a company spokeswoman declined to comment further. The SEC didn’t respond to requests for comment.
“The board takes these matters very seriously,” company director Terry Crews said
...
ADM said it expects to delay its fourth-quarter earnings release and full-year 2023 financial results from its usual late January reporting schedule. The company said it now expects to report above $6.90 in adjusted earnings per share for its 2023 fiscal year. ADM said it is withdrawing its forecast for its nutrition unit.
...
Profits for the business have lagged behind analysts’ expectations in recent quarters, partly because of a decline in demand for plant-based food products.
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ADM’s stock has declined about 20% over the past 12 months.
(Excerpt) Read more at wsj.com ...
The same ADM that covered itself in glory in “The Impostor.”
Corporate DNA will have its way.
From Wikipedia -
"Gensler served as treasurer of the Maryland Democratic Party for two years, and held several senior roles on the Maryland campaigns of U.S. Senator Barbara Mikulski, former Lieutenant Governor Kathleen Kennedy Townsend, and Governor Martin O'Malley.
During the 2008 presidential campaign cycle, Gensler served as a senior advisor to Hillary Clinton's presidential campaign and later advised the Obama campaign.
In May 2015, Gensler was named chief financial officer of Clinton's campaign for president.
Gensler led the Biden–Harris transition's Federal Reserve, Banking, and Securities Regulators agency review team."
SOX ping.
This will be interesting.
They just can’t quit doing stupid stuff... sheesh.
I figured something is afoot here, probably this being an election year. Maybe a shakedown for political “contributions”?
But you probably put your finger right on it: “the general trend is that the left will go after the farm sector.”
BRAWNDO!!!
Indeed. The account at Collin Street Bakery, makers of fruit cakes, was charged not too long ago for having embezzled a very large amount of money over a long period of time. For this to go unnoticed for so long suggests to me some pretty big profit numbers. Similarly, the woman responsible for the Army’s children’s programs who took $100,000,000 unnoticed until the IRS wondered how she afforded all she bought on a GS-13 income. It all says to me there is a lot of waste and opportunity.
Profits for the business have lagged behind analysts’ expectations in recent quarters, partly because of a decline in demand for plant-based food products.
Forward-Looking Statements
Some of the above statements constitute forward-looking statements. ADM’s filings with the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, ADM assumes no obligation to update any forward-looking statements.
focused on certain intersegment transactions in the company’s nutrition business.
Luthar joined ADM in 2004 as vice president and treasurer and has since served in a variety of senior-level positions. His leadership in both Strategy and Investor Relations have been instrumental in setting the current strategic trajectory for ADM, and his management as president of ADM’s Health & Wellness and Bioactives businesses helped launch and accelerate long-term platforms tied to critical consumer trends. As chief financial officer for Nutrition, Luthar has also led with financial agility across ADM’s fastest-growing business unit.
Prior to ADM, Luthar spent nearly a decade with General Motors in treasury and regional finance leadership positions. He holds a bachelor’s of technology in aerospace engineering from the Indian Institute of Technology and an MBA from the Wharton School at the University of Pennsylvania.
There is about as much farming in ADM as there is holy in a brothel.
Quick!
Someone get a Mongoose!
Quick!
Someone get a Mongoose!
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