Summary
This Form 8-K filing from Archer-Daniels-Midland Company (ADM) on December 11, 2015, primarily announces a significant leadership transition. Patricia A. Woertz, the Chairman of the Board, is retiring from the Board effective January 1, 2016. This change also resulted in a reduction of the Board's size to twelve members. In conjunction with Ms. Woertz's retirement, the Board elected Juan R. Luciano, who currently serves as CEO, to the role of Chairman of the Board, also effective January 1, 2016. Donald E. Felsinger will continue in his capacity as Lead Independent Director. This report signals a planned succession at the highest leadership levels of the company.
Key Highlights
- 1Patricia A. Woertz, Chairman of the Board, will retire from the Board effective January 1, 2016.
- 2Juan R. Luciano, currently CEO, has been elected Chairman of the Board, effective January 1, 2016.
- 3Mr. Luciano will retain his position as Chief Executive Officer.
- 4The size of the Board of Directors has been reduced to twelve members following Ms. Woertz's retirement.
- 5Donald E. Felsinger will continue to serve as Lead Independent Director.
- 6The filing includes a press release dated December 11, 2015, as an exhibit.
Frequently Asked Questions
The primary purpose of this Form 8-K filing is to announce a planned leadership change, specifically the retirement of the Chairman of the Board, Patricia A. Woertz, and the election of a new Chairman, Juan R. Luciano, who also serves as CEO.
No, Juan R. Luciano will continue to serve as Chief Executive Officer of ADM while also taking on the responsibilities of Chairman of the Board, effective January 1, 2016.
Ms. Woertz's retirement from the Board of Directors led to a reduction in the overall size of the Board from its previous number to twelve members.
Donald E. Felsinger will continue in his role as the Lead Independent Director of the Board.