Reuters' P.J. Huffstutter reported that Archer-Daniels-Midland Co. (ADM) is facing pressure from shareholder Hartwig Fuchs, who is calling for CEO Juan Luciano's resignation over an ongoing accounting scandal. The investigation, revealed in January 2024, has led to multiple financial restatements and a 30% stock price drop.
Federal prosecutors are expanding inquiries into potential securities fraud and conspiracy. ADM's nutrition segment, key to Luciano's growth strategy, is at the center of the accounting issues.
Fuchs, a former executive at an ADM-owned company, criticized Luciano's handling of the situation, emphasizing the need for transparency and decisive action to regain investor trust.
The scandal has eroded $12 billion from ADM's market value, highlighting the importance of financial integrity in the agricultural commodities sector.
