Wellesenterprises/iStock Editorial via Getty Images
Archer Daniels Midland (New York Stock Exchange: ADM) said Monday that Chief Financial Officer Vikram Luthar, placed on leave earlier this year pending an internal accounting investigation, agreed to resign effective September 30, as the company faces an investigation by the US Department of Justice over their accounting practices.
Luthar, who was placed on administrative leave in January, will receive his 2023 annual cash performance incentive award of $743,419 and stock earned from his 2021 performance share unit award, and will continue to receive his base salary and benefits while is employed during the transition, according to the agreement.
The firing was the long-awaited result of a company investigation into accounting practices at its nutrition business.
ADM (ADM) said it has launched a formal selection process to identify its next chief financial officer; Luthar was promoted to CFO in 2022 after nearly 20 years at the company, including more than two years in the troubled nutrition unit.
