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ADM says top compliance officer is leaving the company
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ADM says top compliance officer is leaving the company
Nov 13, 2024 3:43 PM

Nov 13 (Reuters) - Archer-Daniels-Midland Co's ( ADM )

chief compliance officer, Ben Bard, is leaving the company early

next year for personal reasons, the company said on Wednesday.

The news comes one day after the global grain trader, which

has been embroiled in controversy over its accounting practices,

sought an extension from the U.S. Securities and Exchange

Commission to file its third quarter financial report because it

could not meet the deadline.

Accounting irregularities have sparked several government

investigations and led to the departure of CFO Vikram Luthar in

September.

The accounting problems also forced the company to correct

six years of financial data earlier this year after an internal

probe found sales between its nutrition business and other core

units were not recorded properly.

On Wednesday, company spokesperson Jackie Anderson told

Reuters that Bard was leaving the company for personal reasons

and "to make any other assumption is factually inaccurate. ...

His leadership will be greatly missed."

ADM has tried to assuage investor concerns by testing new

internal controls and naming 3M's Monish Patolawala as its new

chief financial officer. Earlier this month, ADM's board of

directors elected AT&T Inc's general counsel, David R. McAtee

II, to its board.

Bard has over 25 years of legal, compliance and risk

management experience, according to ADM's website.

Prior to joining ADM in 2014, he worked at Coca-Cola Co. as

senior anti-corruption and trade sanctions compliance counsel

among other roles.

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