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Archer Daniels Midland (NYSE:ADM) said Sunday it placed CFO Vikram Luthar on administrative leave pending an investigation into certain accounting practices and procedures related to the company’s nutrition segment, in response to a document request by the Securities and Exchange Commission.
ADM (ADM) appointed Ismael Roig, who has served in various operational and financial leadership roles since joining the company in 2004, as interim CFO.
As a result of the announcement, ADM (ADM) said it expects to delay its Q4 earnings release as well as the filing of its annual report on Form 10-K for FY 2023.
The company also is withdrawing guidance for the nutrition unit and now expects to deliver above $6.90/share in adjusted earnings for FY 2023, after previously forecasting full-year profits above $7/share.
The nutrition segment’s 2023 operating income is forecast to fall more than 18% to the lowest since 2020, according to analyst estimates compiled by Bloomberg.