Archer Daniels Midland Co. on Tuesday appointed Chief Operating
Officer Juan Luciano to president, boosting the profile of a
manager seen by some analysts as a potential chief executive of the
commodities company.
Mr. Luciano, who will take on the new role immediately, joined
the grain and oilseed trader and processor in 2011 from Dow
Chemical Co., where he had run its performance products and systems
division.
"He has energized [ADM] around improvements in costs, cash and
capital, and has brought both discipline and vision to ADM's global
strategy for profitable growth," ADM CEO and Chairman Patricia
Woertz said in a statement.
Mr. Luciano, 52 years old, will retain his COO role and continue
to report to Ms. Woertz, 60, who previously held the president
title and has served as CEO since 2006 and chairman since 2007.
An ADM spokeswoman had no immediate comment beyond the company's
statement.
Mr. Luciano, educated as an engineer in Argentina, assumes the
added responsibility as ADM works to expand its operations
overseas, especially in major grain-producing regions such as
Eastern Europe and in Asia, where increased consumption of meat has
fueled greater demand for animal feed.
ADM is contemplating its path forward in Asia after Australia's
government in November blocked the company's 3 billion Australian
dollar (US$2.7 billion) purchase of GrainCorp Ltd., a Sydney-based
agribusiness.
ADM also has launched what Mr. Luciano described earlier this
month as "aggressive" efforts to improve results in its
grain-trading division, particularly in South America, after profit
from the business fell about 35% to $84 million in the fourth
quarter.
The company also aims to expand its ethanol business abroad. A
sharp decline in corn prices in the past year has improved ethanol
margins for ADM at a time when producers are competing to export
more of the corn-based fuel additive. Lower grain prices in the
U.S. are seen improving corn ethanol's prospects against
sugar-based varieties.
ADM is based in Decatur, Ill., but said recently it plans to
move its headquarters to Chicago.
Write to Jacob Bunge at jacob.bunge@wsj.com
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