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Archer Daniels Midland names new CEO [Kuwait News Agency]
[November 10, 2014]

Archer Daniels Midland names new CEO [Kuwait News Agency]


(Kuwait News Agency Via Acquire Media NewsEdge) US-based Archer Daniels Midland, one of the world's biggest food commodity traders and processors, has named Juan R. Luciano as the successor to outgoing CEO Patricia Woertz.

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Mr Luciano, who joined the company in 2011, has been viewed for some time as heir apparent to Ms Woertz, who is retiring in 2016,the FT's Neil Hume writes.

Under Ms Woertz, ADM attempted to expand its geographic footprint. The company paid A$3.4bn (US$3.2bn) for GrainCorp, an Australia grain handler, but Canberra blocked the deal on national interest grounds.

ADM then changed tack, focusing its efforts on broadening its existing product line of proteins, vitamins and other speciality ingredients.

In the summer it acquired Wild Flavors, a speciality food and drinks flavour company backed by Kohlberg Kravis Roberts, for €2.3bn ($3.1bn).

The acquisition is the largest in ADM's 112-year history and will create a new division inside a company known for earning single-digit margins on about $90bn in revenue moving grain and soyabeans around the world and processing them into bulk flour, vegetable oil, syrup and biofuel.



Earlier this week, ADM reported a near 60 per cent rise in third quarter net profits on the back of strong performance in corn processing.

ADM, along with Bunge, Cargill and Louis Dreyfus, are part of a small group of companies that dominate the trading of agriculatural products. In recent years, they all have all struggled with uneven performance.


The business of handling bulk food commodities is subject to the vagaries of weather, transport and government policies on matters from biofuels to genetically modified crops.

Mr Luciano joined the company as chief operating officer in 2011 and since February this year he has also served as president, overseeing the commercial and production activities of the corn, oilseeds, and agricultural services units.

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