Dive Brief:
- Archer Daniels Midland has named a new chief executive officer. Juan R. Luciano, who joined the agribusiness giant just three three years ago as chief operating officer, will take control on Jan. 1.
- The appointment of Luciano, 53, marks a dramatic shift in ADM history. The Argentina-born Luciano will be the first non-native American to run the grain company.
- Patricia Woertz, who has served as CEO for eight years, will remain as chairman of the Chicago-based company.
Dive Insight:
It's been clear since Luciano joined the company that he was being groomed for CEO, but the timing of his ascension is a bit of a surprise.
Woertz had her problems at ADM, most notably the death of the deal to acquire Australia's GrainCorp, but her tenure has generally been positive. Shares have risen by more than a third during her time at the top, and just days ago the grain trader and processor posted surprisingly high profits in a difficult market.