What’s going on with shares of food processing company Archer-Daniels-Midland today? – Archer-Daniels Midland (NYSE:ADM)

Archer Daniels Midland Company (NYSE:ADM) shares are trading lower today. On Monday, the company announced that Chief Financial Officer (CFO) Vikram Luthar plans to resign from his position effective September 30, 2024.

The company said Luthar will receive an annual performance incentive of $743,419 through 2023, as well as shares earned in 2021 in connection with the company’s performance.

Luthar will remain with the company as a non-executive employee until his termination date to provide transition support in the search for a new CFO.

Read: ADM Executive Bonuses Delayed Amid Accounting Investigation, Leaked Memo Reveals: Report

Luthar is the highest-ranking executive to leave the company since the company announced accounting issues within its Nutrition division, according to Reuters.

In January 2024, Archer-Daniels-Midland placed Vikram Luthar on leave amid an investigation into accounting practices and procedures related to the food segment and appointed Ismael Roig as interim CFO.

“The decision to move forward in this direction was made after careful consideration of the future of our business and how we can best position ADM for success,” CEO Juan Luciano said in an internal memo seen by Reuters.

Last month, Archer-Daniels-Midland reported fourth-quarter 23 revenue of $22.98 billion, missing the consensus estimate of $23.64 billion, and adjusted earnings per share of $1.36 missed the consensus estimate of $1.43 .

Related: Archer-Daniels-Midland financials are ‘too high’, analyst downgrades stock rating

Investors can gain exposure to the stock through First Trust Nasdaq Food & Beverage ETF (NASDAQ:FTXG) and First Trust Indxx Global Natural Resources Income ETF (NASDAQ:FTRI).

Price promotion: ADM shares are trading 1.31% lower at $61.68 at last check on Tuesday.

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