ADM Hires 3M CFO Amid Government Investigation

Key Takeaways - Archer Daniels Midland (ADM) hired Monish Patolawala, the former CFO of 3M, as its new CFO, effective August 1 [1][2] - Patolawala's appointment comes as ADM faces a U S government investigation into accounting irregularities, including Justice Department subpoenas of its employees [1] - ADM's shares rose 0 7% following the announcement, while 3M's shares increased by about 1% [1] Previous ADM CFO Resignation - ADM's former CFO, Vikram Luthar, was placed on administrative leave in January and resigned in April following an internal investigation into the company's nutrition division [2] - The investigation was initiated after a voluntary document request by the SEC, leading ADM to revise six years of financial data in March [2] Patolawala's Background and Compensation - Patolawala's departure from 3M was anticipated by analysts after the company appointed Bill Brown as CEO in March [2] - At ADM, Patolawala will receive an initial annual base salary of $1 425 million [2] - Prior to 3M, Patolawala spent over two decades at General Electric, including five years as CFO of GE Healthcare, and currently serves on the board of Biogen [2]