Dive Brief:
- Archer Daniels Midland Co. has appointed president and CEO Juan Luciano as chairman of the company's board of directors, effective Jan. 1.
- Luciano's predecessor Patricia Woertz has served as chairman since 2007. She also preceded Luciano as CEO until stepping down on Dec. 31, 2014.
- After a "seamless leadership transition" and continued collaboration since, Woertz, Luciano, and the rest of the board "felt the time was right to transition the chairman’s role," according to a news release.
Dive Insight:
"The board feels that Juan’s command of the business, his commitment to driving value and his insistence on continued sound, responsible corporate governance make him the right choice to serve as chairman in this new era for the company," lead independent director Don Felsinger said in a statement.
Woertz is retiring from the board but will serve in an advisory role to the board and chairman.
Luciano's appointment comes as ADM has been through a period of expansion in recent months with a new flavor R&D facility in Cranbury, NJ, a new information technology and support center in Erlanger, KY, and an expansion of its specialty proteins sector. The company also recently announced its intended acquisition of Eatem Foods Company, a developer and manufacturer of premium traditional, natural, and organic savory flavor systems.
ADM completed the sale of its global cocoa business to Olam International in October, a deal the company announced last December.