ADM Shareholder Demands CEO's Resignation Amid Transparency Issues

Investing.com -- A shareholder of Archer-Daniels-Midland (ADM) and a former executive at a company owned by ADM has called for the resignation of CEO Juan Luciano. This call comes one year after ADM disclosed an investigation related to its accounting practices. Shareholder Hartwig Fuchs cites a lack of transparency regarding the details of the issue and the measures taken to resolve it.

In a post on LinkedIn, Fuchs expressed his concerns, stating that the Chicago-based company has not sufficiently compensated for its stock losses and has failed to provide significant communication. Fuchs previously held the position of chairman of the board at German trader Toepfer International during a period when he owned approximately 80% of ADM’s stock. ADM currently owns the entire company. Fuchs has also served as CEO at Nordzucker AG, one of Europe’s largest sugar producers.

Fuchs criticized Luciano’s management, stating that if the high-paid CEO of a significant company cannot provide clarity within a few months and adequately address a scandal, he should resign. He added that the CEO must communicate with full transparency regarding what went wrong and future actions to regain investor confidence and, most importantly, protect the company from long-term harm.