New CFO for Archer-Daniels-Midland Amid U.S. Government Investigations

Archer-Daniels-Midland (ADM) has appointed Monish Patolawala, formerly of 3M, as its new Chief Financial Officer (CFO), effective August 1. Patolawala replaces interim CFO Ismael Roig, who has been serving since January 2024. This move follows ADM’s correction of six years’ worth of financial data due to improperly recorded sales between its business units, which also led to the administrative leave and subsequent departure of former CFO Vikram Luthar.
Analysts, including Morningstar’s Seth Goldstein, believe ADM’s decision to hire an external candidate is an effort to start fresh following these accounting issues. Patolawala will receive an annual base salary of $1.425 million. While ADM shares saw a slight increase, 3M shares dropped. Patolawala’s exit from 3M was anticipated after he was likely passed over for the CEO role, which went to Bill Brown. Patolawala’s tenure at 3M was noted for his effective communication and successful management of the Health Care spin-off amidst the company’s major restructuring efforts.