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Archer Daniels Midland has put its chief financial officer on leave and postponed its earnings release as the company investigates accounting practices in its nutrition business.
The global produce giant announced in a statement Sunday night that its board of directors has placed Vikram Ruthar on administrative leave with immediate effect and appointed Ismael Roig as interim chief financial officer.
The company announced that it has begun an investigation into its accounting practices and procedures in its nutrition business following a voluntary document request by the U.S. Securities and Exchange Commission.
The agricultural merchant's fourth-quarter results will be delayed, the company said, adding that it expects adjusted earnings per share to exceed $6.90 for the fiscal year ending December 2023. ADM expects full-year earnings to exceed $7 per share in October.
“The board takes this matter very seriously,” said lead director Terry Crews. “Pending the outcome of the investigation, the Board has determined that it is prudent to place Mr. Luther on administrative leave. The Board continues to work closely with ADM's advisors. . . . We ensure that we are aligned with financial governance best practices.”
