ADM Reorganizes Operations Under Single Group
Archer Daniels Midlandsaid Wednesday it is reorganizing under a single operations group, a move that will lead to some managerial positions being eliminated at the largest U.S. food processor and ethanol maker.
ADM said about 30 people will have new reporting relationships or increased responsibilities.
The moves come six months after Chief Executive and President Patricia Woertz took on the additional role of chairman.
ADM said the changes should make its operations more efficient and show clearer lines of responsibility. The company will now have one group responsible for origination, merchandising, processing and marketing.
A limited number of managerial posts will be eliminated, the company said.
Among the changes, John Rice will lead the new Commercial & Production division and be responsible for global origination, merchandising, processing and marketing across the company's major businesses. Rice, who joined ADM in 1976, had been an executive vice president with responsibility for global marketing and risk management.
Secretary and General Counsel David Smith will also now be responsible for Natural Health and Nutrition, Aviation and Internal Audit.
Steve Mills, who became senior vice president of strategic planning in 2006, will assume additional responsibility for specialty food ingredients, ADM investor services and Hickory Point Bank.
Woertz became CEO and president in April 2006 and added the chairman role in early February.
Shares of ADM were up 14 cents at $32.49 in morning trading on the New York Stock Exchange after rising as high as $32.68.