8-KLeadership ChangesExhibits & Filings

Archer-Daniels-Midland Co 8-K Report, Executive Changes (Feb 7, 2008)

Filed February 7, 2008For Securities:ADM

Summary

Archer-Daniels-Midland Company (ADM) filed an 8-K on February 7, 2008, detailing significant changes in its Board of Directors and executive leadership. Notably, George W. Buckley was appointed as a new Director, expected to serve until the 2008 annual meeting and will also sit on the Audit and Nominating/Corporate Governance Committees. This addition to the board may indicate a focus on strengthening oversight and governance. The report also announced the retirement of Senior Vice President and Chief Financial Officer, Douglas J. Schmalz, effective March 1, 2008, along with the terms of his separation agreement. Concurrently, Steven R. Mills, currently a Senior Vice President, has been promoted to Executive Vice President and Chief Financial Officer, effective the same date. These executive transitions suggest a planned succession and internal development for key financial leadership roles within ADM.

Key Highlights

  • 1Appointment of George W. Buckley as a new Director to the Board, effective February 5, 2008.
  • 2Mr. Buckley's appointment includes service on the Audit and Nominating/Corporate Governance Committees.
  • 3Retirement of Douglas J. Schmalz as Senior Vice President and Chief Financial Officer, effective March 1, 2008.
  • 4Separation Agreement entered into with Mr. Schmalz in connection with his retirement.
  • 5Appointment of Steven R. Mills as Executive Vice President and Chief Financial Officer, effective March 1, 2008.
  • 6Mr. Mills' promotion indicates internal succession for the CFO role.

Frequently Asked Questions

George W. Buckley has been appointed as a new Director to ADM's Board, effective February 5, 2008. He will serve on the Audit and Nominating/Corporate Governance Committees.

Steven R. Mills, currently a Senior Vice President at ADM, has been appointed as the new Executive Vice President and Chief Financial Officer, effective March 1, 2008.

Douglas J. Schmalz, the current Senior Vice President and Chief Financial Officer, is retiring effective March 1, 2008. ADM has entered into a Separation Agreement with him in connection with his retirement.

This filing primarily concerns personnel changes and does not disclose immediate financial performance impacts. The terms of the Separation Agreement with Mr. Schmalz are incorporated by reference, and further details on Mr. Mills' experience are available in ADM's Form 10-K for the fiscal year ended June 30, 2007.