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Grain trader Archer-Daniels-Midland said on Monday that Chief Financial Officer Vikram Luthar will resign from his role effective Sept. 30. Luthar is the highest-level executive to leave the firm since it disclosed accounting issues within its Nutrition division that later triggered two government investigations and forced it to revise six years of financial data. ADM had put Luthar on administrative leave in January as it launched an internal investigation focused on accounting practices involving the smallest of its three business units.
Sao-pauloSãpauloBrazilBengaluruKarnatakaIndiaChicagoIllinoisUnited-statesVikram-lutharJuan-lucianoMatthew-lewisADM said some sales between business units within the company were not recorded at amounts approximating market value and corrected certain segment-specific financial information for previous financial statements from 2018 to 2023. Reuters reported FBI agents delivered subpoenas to company employees in Illinois last week. The investigations have brought more uncertainty to ADM's nutrition segment, which has struggled to meet lofty revenue targets and faces slowing demand for meat alternatives and supply chain problems.
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