CHICAGO, March 25 (Reuters) - Archer-Daniels-Midland Co ( ADM )

CEO Juan Luciano earned $21.6 million in 2024, down from

$24.4 million the prior year, a securities filing on Tuesday

showed, as the U.S. grains trader faced accounting problems and

cost pressures that triggered layoffs and sent its shares

plummeting.

The Chicago-based company was forced to revise six years of

financial statements early last year and further restate some

earnings later in the year after an internal investigation into

its financial reports.

The accounting woes also cost former Chief Financial Officer

Vikram Luthar his job and triggered two federal investigations.

Luciano's 2024 compensation included a slight increase in

base salary to $1.493 million and company stock awards valued at

$17.7 million, according to ADM's annual proxy statement filed

with the U.S. Securities and Exchange Commission.

The top executive's annual incentive plan award fell to

$1.2 million, down from $3.6 million the prior year and about

40% of his 2024 target of nearly $3 million, as company earnings

and returns on investment fell below preset goals.

ADM in February

posted

its lowest fourth-quarter adjusted profit in six years and

warned of a tough 2025 due to slumping margins and U.S. biofuel

policy uncertainty. The company also began layoffs in a broader

cost-cutting push to save $500 million to $700 million over the

next three to five years.

Reuters exclusively reported that ADM began a fresh wave

of

job cuts

this week targeting its agricultural services and oilseeds

division, the company's largest unit.

ADM shares are down 32% since news of the accounting

issues broke in January 2024, sending its market cap plunging to

around $22 billion from nearly $37 billion previously, according

to LSEG data.