Juan Luciano is the name of new ADM’s CEO, but Pat Woertz remains chairman
Archer Daniels Midland Company (NYSE: ADM) announced that Juan Luciano has been named the company’s next chief executive officer, effective January 2015.
He was also elected to the company’s board of directors. 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.”
Juan Luciano will be the ninth chief executive in ADM’s 112-year history. He joined ADM in 2011 as executive vice president and chief operating officer, and was named president in February 2014.
Patricia A. Woertz is chairman of the board of directors and chief executive officer of Archer Daniels Midland Company. Effective Jan. 1, 2015, she will be chairman of the board. Woertz joined ADM as CEO and president in April 2006. ing from The Pennsylvania State University, which has awarded her its highest recognition for alumni.