CHICAGO Feb 25 Archer Daniels Midland Co on Tuesday said its chief executive officer will give up the title of president to the agribusiness company's chief operating officer, effective immediately.
Juan Luciano, who has been COO since 2011, will take on the role of president from Patricia Woertz, who had held the titles of CEO and president since 2006, according to a statement. Luciano will continue to be COO and to report to Woertz.
Luciano's promotion "recognizes the excellent results Juan has achieved over the last three years as he has focused the ADM team on improved returns and laid the groundwork for enhanced earnings power," Woertz said in a statement.
An ADM spokeswoman did not immediately respond to a request for additional information.
ADM, one of the world's top grain traders, suffered a blow last year when Australia rejected its bid to acquire grain handler GrainCorp Ltd. The acquisition was intended to increase ADM's access to fast-growing markets in Asia.
Charges relating to the failed GrainCorp deal contributed to a 27-percent drop in ADM's fourth-quarter profit, overshadowing strength in its corn processing and oilseeds businesses as lower crop prices boosted margins.
Shares of ADM on Tuesday were up 0.8 percent at 40.47.