Food processing company ADM announced Chief Financial Officer Vikram Luthar, who was placed on administrative leave amid a probe into the company’s accounting practices, will resign.

Luthar will depart the company at the end of September or at an earlier agreed upon date, ADM disclosed in a regulatory filing published Monday. Until then, he will support the company as a nonexecutive employee.

In January, ADM announced the Securities and Exchange Commission opened an investigation into its accounting practices, which prompted the company to put Luthar on administrative leave.

Two months later, ADM disclosed the Department of Justice joined the probe. The company said at the time it identified certain intersegment sales that were not properly recorded at amounts approximating market.

During the fourth quarter of 2023, the company identified material weaknesses in its internal control over financial reporting, with specific deficiencies related to the accuracy of segment disclosures and review controls.

ADM noted Luthar will receive his annual cash performance incentives, make himself available for interviews regarding the probes, and remain subject to the terms of a nondisclosure agreement.

Jeff Dale is Managing Editor, Editorial Projects and Analytics, at Compliance Week. He previously served as Compliance Week's Digital Editor and has worked as a copy editor at the Boston Herald and city editor at The Hour Publishing Co. in Norwalk, Conn.View full Profile

More from Jeff Dale

Topics