Archer Daniels Midland Company Realigns Leadership to Support Growth Commitment
DECATUR, Ill.--(BUSINESS WIRE)--Archer Daniels Midland Company (NYSE: ADM) today announced a realignment of its senior leadership in support of a commitment to significantly grow shareholder value. ADM Chairman and Chief Executive Officer Patricia Woertz promoted two longtime ADM executives to lead the growth efforts and announced the appointment of a new Chief Financial Officer.
“We have committed to a new phase of profitable growth at ADM. We intend to grow shareholder value, grow earnings and grow the size of our company,” said Woertz. “Such growth requires focused attention and keen insight into opportunities in the market and the strengths of our company. I have asked John Rice and Steve Mills to take on new positions and have hired Ray Young as CFO to help lead ADM into this new era.”
John D. Rice, who leads the company’s Commercial and Production teams, was named Vice Chairman. He will focus on extracting value from existing assets and driving operational excellence. He will continue to lead Commercial and Production.
Steven R. Mills, the company's Chief Financial Officer since 2008, was named Senior Executive Vice President, Performance and Growth. He will focus on driving growth through business development and acquisitions. Mills will remain CFO until Dec. 1, 2010.
Ray G. Young joins the company as Senior Vice President and Chief Financial Officer. Young comes to ADM from General Motors Company, where he most recently served as Vice President, International Operations, based in Shanghai, China. Previously, he served as GM’s Chief Financial Officer. Young joins ADM today, and will assume the CFO role on Dec. 1, 2010.
“As Vice Chairman, John will apply his expertise and deep mastery of our business to an expanded set of operational and strategic issues,” said Woertz.
“In his tenure as CFO, Steve brought greater clarity to our public reporting, including the introduction of key metrics. Now, as Sr. EVP, Performance and Growth, Steve will apply his financial acumen and extensive experience to accelerate and enhance value from new investments.
“Ray is a great addition to our leadership team. He has unique qualifications that make him an excellent fit for ADM. He’s had broad operational and financial experience in both mature and emerging markets, including China and Brazil. He has strong debt, equity and investor relations skills, as well as large-scale operational financial experience. He has a real passion for growth and improvement and a commitment to integrity and communication that will fit in well at ADM.”
John Rice is ADM’s Vice Chairman and serves on the company’s Strategic Planning Committee. He brings more than 30 years of agribusiness experience to these roles. Rice reports to ADM’s Chairman and Chief Executive Officer, Patricia Woertz, and leads the company’s commercial and production activities.
Rice joined ADM as a tax accountant. From 1978 to 1993, he held several merchandiser and merchandising management positions. In 1993, he was elected Vice President by the Board of Directors.
Since then, Rice has held various senior management positions within the processing divisions, including President, North American Oilseeds and Food Oils; and Senior Vice President, Global Corn Processing, BioProducts and Food.
In February 2005, he was elected Executive Vice President, Global Marketing and Risk Management, and in August 2007 was named Executive Vice President, Commercial and Production.
Rice graduated from the University of St. Thomas in 1976 with a Bachelor of Arts. He is a member of the Board of Directors of Wilmar International Limited, and Alfred C. Toepfer International.
Steve Mills is ADM’s Senior Executive Vice President, Performance and Growth, and serves on the company’s Strategic Planning Committee. He reports to ADM’s Chairman and Chief Executive Officer, Patricia Woertz.
Mills joined ADM in 1979, and has served in various senior treasury and accounting roles. He was named Controller in 1994, and elected a Vice President in 2000. He was appointed Group Vice President in 2002.
Mills was named Senior Vice President of Strategic Planning for ADM in 2006. In this newly created role, he was responsible for the company’s long- and short-term strategy-setting process as well as information technology, business development, and merger and acquisition coordination. In March of 2008, Mills was named Executive Vice President and Chief Financial Officer, adding Finance, Accounting, Treasury and Tax to his other responsibilities.
Mills graduated in 1977 from Illinois College with a Bachelor of Science in mathematics. In 1981, he earned the designation of Certified Public Accountant. He is professionally affiliated with the American Institute of Certified Public Accountants, the Illinois CPA Society, Financial Executives International and the Institute of Management Accountants. He also serves on the board of directors of Kirby Hospital in Monticello, Ill., and the Board of Trustees of Illinois College in Jacksonville, Ill.
Ray Young is ADM’s Senior Vice President and Chief Financial Officer designate. He also serves on the company’s Strategic Planning Committee and reports to ADM’s Chairman and Chief Executive Officer, Patricia Woertz.
Young joined ADM from General Motors Company, where he served as Vice President, International Operations, based in Shanghai, China. He joined GM in 1986 in Canada and he progressed through a number of positions of increasing responsibilities, including: Director of Capital Markets and Foreign Exchange in the Treasurer’s Office, New York; Regional European Treasurer, Brussels, Belgium; Vice President and Chief Financial Officer, CAMI Automotive, Ingersoll, Canada; GM Executive-in-Charge, Suzuki Motor Corporation, Hamamatsu, Japan; GM North America Vice President of Finance, Detroit, Mich.; President and Managing Director, General Motors do Brasil and Mercosur Operations, São Paulo, Brazil; and Chief Financial Officer, General Motors, Detroit, Mich.
Young graduated in 1984 from The Ivey School of Business, University of Western Ontario in London, Canada, with a Bachelor of Arts in Business Administration. He earned a Master of Business Administration at the University of Chicago in 1986.
Every day, the 29,000 people of Archer Daniels Midland Company (NYSE: ADM) turn crops into renewable products that meet the demands of a growing world. At more than 240 processing plants, we convert corn, oilseeds, wheat and cocoa into products for food, animal feed, chemical and energy uses. We operate the world’s premier crop origination and transportation network, connecting crops and markets in more than 60 countries. Our global headquarters is in Decatur, Illinois, and our net sales for the fiscal year ended June 30, 2010, were $62 billion. For more information about our Company and our products, visit www.adm.com.
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