CEO Luciano named chairman of ADM board of directors
Archer Daniels Midland Company (ADM) announced that CEO and president Juan R. Luciano has been named chairman of the company’s board of directors, effective January 2016.
Luciano succeeds Patricia Woertz, who has served as ADM chairman since 2007, and who was Luciano’s predecessor in the CEO role. She retired from that position on December, 2014.
In light of the seamless leadership transition Woertz and Luciano executed late last year, and their continued collaboration in recent months, both they and the rest of the board felt the time was right to transition the chairman’s role. Woertz will continue to serve as an advisor to both the board and the chairman, and will retire from the board.
Independent director Don Felsinger said: “Since becoming CEO, Juan has continued to advance ADM’s strategy, driving operational excellence and building the organization’s internal leadership capacity”.
Luciano said: “I am honored by the Board’s decision and grateful for their vote of confidence. I want to express my deep appreciation to Pat for her encouragement, guidance and friendship throughout this period of transition. I look forward to continuing to work with her in the months to come, and wish her the greatest happiness in her retirement.”
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