ADM CFO to resign as company faces US government investigation [Reuters]
General Motors Company (GM)
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Source: Reuters
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. The company said Luthar will receive $743,419 in cash performance incentive award for 2023 and shares awarded in 2021 that were tied to company performance. He will remain at ADM in a nonexecutive capacity until his resignation date to "provide transitional support" as the company searches for a new CFO, ADM said in a U.S. Securities and Exchange Commission filing. "The decision to move forward in this direction was made after careful consideration of the future of our company and how to best position ADM for success," CEO Juan Luciano said in an internal memo seen by Reuters.
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