Investing.com -- A shareholder of Archer-Daniels-Midland (ADM) and former executive at a company owned by ADM is urging Chief Executive Officer Juan Luciano to resign. The call comes one year after ADM disclosed an investigation into its accounting practices. The shareholder, Hartwig Fuchs, cites a lack of transparency regarding the details of the issue and the measures taken to resolve it.
Fuchs expressed his concerns in a LinkedIn post, stating that ADM, a Chicago-based company, failed to adequately recover the share loss and did not provide substantial communication. Fuchs previously served as a board chairman at Toepfer International, a German trader, at a time when ADM held approximately 80% ownership. ADM currently owns the entire company. Fuchs also held the position of CEO at Nordzucker AG, one of the largest sugar producers in Europe.
Fuchs criticized Luciano's management, stating that if a highly compensated CEO of a significant company cannot provide clarity within a few months and fully address a scandal, then he should step down. He added that the CEO should communicate with complete transparency about what went wrong and future actions, regain investor trust, and most importantly, safeguard the company from long-term damage.
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