8-KLeadership Changes

Archer-Daniels-Midland Co 8-K Report, Executive Changes (Feb 13, 2015)

Filed February 13, 2015For Securities:ADM

Summary

Archer-Daniels-Midland Company (ADM) filed an 8-K on February 13, 2015, to report on a change related to its Chairman. Specifically, the company and Patricia A. Woertz agreed to terminate her existing employment contract, which was originally dated April 27, 2006. This termination is effective as of January 1, 2015, aligning with her previously announced change in position. Following this termination, Ms. Woertz is now considered an "at will" employee. This means her employment is no longer governed by a specific contract but is subject to the standard benefits and policies applicable to other senior executives within ADM. This filing clarifies her employment status and reflects the company's general practice of not having formal employment contracts for its senior leadership.

Key Highlights

  • 1Termination of employment contract for Chairman Patricia A. Woertz, effective January 1, 2015.
  • 2The termination was mutually agreed upon by Ms. Woertz and the Company.
  • 3Ms. Woertz's existing employment contract dated April 27, 2006, has been terminated.
  • 4Following the contract termination, Ms. Woertz is now an "at will" employee.
  • 5Her employment is now subject to ADM's standard benefits and policies for senior executives.
  • 6This action aligns with ADM's stated practice of not having employment contracts for senior executives.
  • 7The filing date of the 8-K is February 13, 2015, with the earliest event reported being February 11, 2015.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report the termination of the employment contract for Chairman Patricia A. Woertz and to clarify her subsequent "at will" employment status, in line with ADM's corporate policy.

The termination of Patricia A. Woertz's employment contract became effective on January 1, 2015.

Being an 'at will' employee means her employment is not governed by a fixed-term contract and can be terminated by either the employee or the company at any time, for any reason not prohibited by law. She will receive benefits and be subject to policies generally applicable to other senior executives at ADM.

The filing does not explicitly state that Ms. Woertz is leaving ADM. It only reports the termination of her employment contract and her status as an 'at will' employee, which is consistent with ADM's practice for senior executives.