Food processing company ADM announced Chief Financial Officer Vikram Luthar was placed on administrative leave pending an investigation into accounting practices and procedures flagged by the Securities and Exchange Commission (SEC).
The probe is being conducted by outside counsel and the board of directors’ audit committee, according to a press release Sunday. Specifically, the investigation is focused on ADM’s nutrition reporting segment, including “certain intersegment transactions,” the company said.
The decision follows ADM voluntarily producing documents for the SEC upon request. The company said it is cooperating with the agency.
“Pending the outcome of the investigation, the board determined that it was advisable to place Mr. Luthar on administrative leave,” ADM Lead Director Terry Crew said. “The board will continue to work in close coordination with ADM’s advisers to identify the best path forward and ensure ADM’s processes align with financial governance best practices.”
In a corresponding move, Ismael Roig, ADM president for Europe, the Middle East, and Africa, was appointed interim CFO.
Roig brings two decades of experience with the company to the role, previously serving as chief strategy and chief sustainability officer, president, Asia Pacific, according to a company filing.