The new segments better reflect ADM’s operating structure and will enable the company to further highlight the differentiation of its product and service offerings and enhance its ability to respond to the evolving needs of customers.
“The changes we are announcing today enhance and accelerate our efforts to deliver value-added, differentiated products and services and drive growth across our entire portfolio,” said ADM Chairman and CEO Juan Luciano. “We have made tremendous progress over the last several years in creating a more agile and efficient company, and these changes position us to build on that momentum as we work to further enhance the customer experience and provide even greater value to customers and shareholders.”
ADM has appointed the following leaders from its existing management team to lead the new segments:
- Chris Cuddy will expand his role as head of corn processing to lead the carbohydrate solutions business unit, which will include the current corn and milling operations.
- Vince Macciocchi will expand his leadership role as head of nutrition to include the animal nutrition and bioactives businesses in addition to wild flavors & specialty ingredients (WFSI).
- Greg Morris will continue to lead the Oilseeds business unit, which will remain unchanged
- Stefano Rettore has been named senior vice president and president, Origination, which will include the current Agricultural Services business, excluding Milling. He will also continue to serve as the company’s chief risk officer.
ADM’s new business segments will be reflected in its financial results, beginning with the first quarter of 2018, which will be presented on May 1.
ADM also announced leadership changes to further accelerate its existing readiness initiative to reduce costs, improve efficiency and standardise its business processes and systems to drive improved analytics and decision-making across the organisation. Joe Taets will assume the newly created role of senior vice president and president, global business readiness. In this new role, Taets will leverage the success in delivering cost savings, efficiency and business process initiatives within Ag Services to scale the implementation of these initiatives and others on a global enterprise-wide basis.
In addition, Kristy Folkwein has been appointed senior vice president and chief information officer, where she will focus on ensuring the quality and integrity of ADM’s data company wide, continuing to drive process improvements working closely with Joe Taets; providing leadership to the global shared services organisation; and enabling analytics that drive sound, well-informed business decisions.