The Board of Directors of Archer Daniels Midland Company (NYSE: ADM)
announced today that Chief Executive Officer and President Patricia A.
Woertz has been elected Chairman of the Company’s Board of Directors.
Ms. Woertz, who was named CEO and President in April 2006, succeeds G.
Allen Andreas who resigned from the Board. Independent Director Patrick
Moore continues in the role of Lead Director.
The Board declared a cash dividend of 11.5 cents per share on the
Company’s stock payable March 9, 2007 to Shareholders of record February
16, 2007. This is an increase of one and one-half cents a share. This is
ADM’s 301st consecutive quarterly payment, a record of 75 years of
uninterrupted dividends. As of December 31, 2006 there were 653,447,466
shares of ADM stock outstanding.
In addition, the Board adopted a majority voting policy for election of
directors that will be implemented through amendments to the Company’s
Bylaws and Corporate Governance Guidelines.
“Our leadership transition has progressed very successfully and faster
than anticipated,” said G. Allen Andreas. “Under Patricia’s leadership,
ADM continues to deliver outstanding results for shareholders, customers
and employees. As I look forward, the time is right for me to step down
and for Patricia to assume the role of Chairman.”
“Our decision to name Patricia as the Chairman reflects the Board’s
confidence in her strong leadership and strategic direction for the
Company,” said Patrick Moore.
“ADM today is an industry leader that is positioned for continued
growth,” said Patricia Woertz. “It is because of Allen’s leadership that
we are in this position. I am honored to work with an outstanding team
of colleagues; we will continue to appreciate Allen’s legacy as we
embark on the next phase of ADM’s global leadership in BioEnergy and
Mr. Andreas joined Archer Daniels Midland Company in 1973. He served as
Treasurer, Chief Financial Officer of European Operations, and Vice
President and Counsel to the Executive Committee before being appointed
a Member of the Office of the Chief Executive in 1996. He was named
Chief Executive Officer in 1997, assumed the position of Chairman in
1999 and was elected President in 2005. In 2006, Mr. Andreas retired
from the positions of Chief Executive and President while continuing his
service as Chairman of the Board of Directors.
Ms. Woertz is Chairman, Chief Executive Officer and President of Archer
Daniels Midland Company. Patricia is focused on extending the Company’s
strong financial momentum and accelerating the growth of its BioEnergy
business while expanding the Company’s premier position in the
agricultural processing value chain.
Prior to joining ADM in April 2006, Ms. Woertz spent 29 years in the
energy industry, most recently as Executive Vice President of Chevron
Corporation where she led its global refining, marketing, lubricant,
supply and trading operations.
Archer Daniels Midland Company (ADM) is the world leader in BioEnergy
and has a premier position in the agricultural processing value chain.
ADM is one of the world’s largest processors of soybeans, corn, wheat
and cocoa. ADM is a leading manufacturer of biodiesel, ethanol, soybean
oil and meal, corn sweeteners, flour and other value-added food and feed
ingredients. Headquartered in Decatur, Illinois, ADM has over 26,000
employees, more than 240 processing plants and net sales for the fiscal
year ended June 30, 2006 of $37 billion. Additional information can be
found on ADM’s Web site at www.adm.com/.
ADM Media Relations