US agribusiness giant Archer Daniels Midland Co (ADM) has announced a reshuffling of its organisational structure, rearranging its current business segments into four new units.
The new units – Oilseeds, Origination, Nutrition and Carbohydrate Solutions – better reflected the company’s operating structure and would enable it to better differentiate between its product and service offerings, ADM said in a statement on 19 March.
“We have made tremendous progress over the last several years in creating a more agile and efficient company,” said ADM chair and CEO Juan Luciano.
“These changes position us to build on that momentum as we work to further enhance the customer experience and provide even greater value to customers and shareholders.”
ADM also appointed some new leaders for the four segments, although the Oilseeds unit – which would remain unchanged in operations – would continue to be led by Greg Morris.
The Origination unit, which included the current Agricultural Services business excluding Milling, would be headed by senior vice president and president of origination Stefano Rettore, who would also remain the ADM chief risk officer.
Vince Macciocchi would become the head of Nutrition, which incorporated the Animal Nutrition and Bioactives businesses and the Wild Flavors and Specialty Ingredients (WFSI) segment.
Chris Cuddy would expand his role as the head of Corn Processing to lead the Carbohdyrate Solutions business, which would also absorb the current Corn and Milling segments.
The changes would be reflected in ADM’s financial results beginning with the first quarter of 2018, presented on 1 May.
In addition to the four new units, ADM announced new leadership for its existing Readiness initiative to reduce costs, improve efficiency and standardise its business processes and systems.
Joe Taets would assume the newly created role of senior vice president and president of Global Business Readiness, while Kristy Folkwein was appointed the senior vice president and chief information officer.
ADM’s reshuffle was the latest in a chain of organisational changes at leading agri and consumer goods companies, with China’s COFCO splitting its oilseeds and grains operations into two separate units and Unilever announcing the move of its headquarters to the Netherlands and reorganisation of its business into three separate divisions earlier in March.