Grain processor Archer Daniels Midland Co. (ADM) Thursday said Juan Luciano has been named its next chief executive officer, effective January 1, 2015. He has also been elected to the company's board of directors, effective immediately.
Luciano currently serves as president and chief operating officer, responsible for leading and running the company's global operations. He will succeed Patricia Woertz, who will continue as chairman of the board. She is expected to retire in May 2016.
Effective January 1, 2015, Luciano will be ADM's president and chief executive officer. He will be the ninth chief executive in the company's 112-year history. He joined ADM in 2011 as executive vice president and chief operating officer, and was named president this February.
As president and chief operating officer, Luciano oversees the commercial and production activities of ADM's Corn, Oilseeds, and Agricultural Services businesses, in addition to its research, project management, procurement and risk management functions.
He also oversees the company's operational excellence initiatives that seek to improve productivity and efficiency. He has led ADM's efforts to improve its capital, cost and cash positions.
Previously, Luciano was with The Dow Chemical Co., where he last served as executive vice president and president of the Performance division.
Woertz said, "ADM's future is so bright. We have improved the company's returns and crafted a strategic plan to achieve further improvements. We have worked hard to build the company's earnings power and now—with good global demand, large global harvests and the expansion of our higher-margin business with the acquisition of WILD Flavors—we are well positioned for greater success."
Woertz said she is confident that Luciano, supported by ADM's experienced and dedicated team, is absolutely the right leader to continue the company's success.
Luciano said, "Under Pat's leadership, we have made exceptional progress creating a high-performance, results-focused company. My commitment is to build on that success by accelerating our pace of progress."
The stock closed up 1.6 percent on Wednesday at $50.31.
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