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Luciano adds CEO title at ADM [Herald & Review, Decatur, Ill.](Herald & Review (Decatur, IL) Via Acquire Media NewsEdge) Nov. 07--CHICAGO -- Archer Daniels Midland Co. put its leader in place for when Patricia Woertz retires by naming Juan Luciano on Thursday as its next CEO. Luciano, who was named president in February, will add the CEO title effective Jan. 1. Luciano, 52, was also elected to the company's board of directors, effective immediately. He is responsible for leading and running ADM's global operations. Woertz, 61, will continue as ADM's chairman of the board but is expected to retire in May 2016. When she started with ADM eight years ago, Woertz held all three titles. Woertz said Luciano is the right leader to keep ADM moving on the path of success she has put in place. He will be the ninth chief executive in ADM's 112-year history. "ADM's future is so bright," Woertz said. "We have improved the company's returns and crafted a strategic plan to achieve further improvements." Since April 2006, one of Woertz's objectives was to move ADM's corporate headquarters from Decatur. She was able to accomplish that goal when the move to a new office in downtown Chicago was completed in August. The move was made to give ADM improved access to global markets while remaining in close proximity to U.S. farmers, its customers and operations. With a string of recent acquisitions, including a $3 billion deal to acquire European natural ingredients supplier Wild Flavors, Woertz said ADM is positioned for greater success. "My commitment is to build on that success by accelerating our pace of progress," Luciano said. "This is an exciting time, with tremendous opportunities, and all of us at ADM are committed to leveraging our core model to achieve new levels of value creation." Woertz said the change is part of an effort to ensure a seamless transition in leadership. She will support Luciano in his new role. "He is exceptionally smart and capable, with global perspective and a proven track record of delivering results," Woertz said. Luciano, who was born in Argentina, joined ADM in 2011 as executive vice president and chief operating officer. He was previously with the Dow Chemical Co., where he last served as executive vice president and president of the performance division. In 2013, Luciano earned $4.3 million in total compensation with a base salary of $945,000. His highest total compensation was in 2011, when he earned $10 million. In comparison, Woertz made $6.8 million in total compensation in 2013 with a base salary of $1.3 million. She had a total compensation of $11 million in 2011. Since Luciano joined ADM, its lead independent director Don Felsinger has been pleased with his contributions. "His focus on delivering improvements in cost, cash and capital has resonated with investors, and his drive to ensure ADM reaches new levels of customer relevance and excellence ensures that ADM is positioned well for future success," Felsinger said. "We are confident he will be an outstanding chief executive." Felsinger said Woertz has made the company stronger and more disciplined during her tenure. ADM has made progress toward becoming a high-performance, results-focused company during Woertz's tenure, Luciano said. However, some of Woertz's efforts didn't pan out, most notably being unable secure a deal last year to acquire Australian agribusiness GrainCorp as ADM tried to solidify a presence in the Australian and Asian markets. Felsinger said he looks forward to Woertz's continued advice and perspective as chairman of the board. [email protected]|(217) 421-7972 ___ (c)2014 the Herald & Review (Decatur, Ill.) Visit the Herald & Review (Decatur, Ill.) at www.herald-review.com Distributed by MCT Information Services |