ADM Shuffles Management as it Looks to Expand Operations in Asia
Archer Daniels Midland (ADM) has announced that Ray Young, the group’s chief financial officer (CFO), will assume oversight of business in Asia as the trader seeks to expand operations in the market.
In 2013, ADM was blocked from completing a $2.18 billion takeover of Australian grain handler GrainCorp Ltd, which would have gained it increased exposure to Asian markets. Since that time, ADM has increased its stake in Singapore-based Wilmar International, and this year it is in position to complete its first wholly owned food ingredient production facility in China.
Mr. Young will keep his position as ADM’s CFO while helping the trader achieve its business growth objectives in Asia.
In other management changes, senior vice president and president of corn processing, Mark Bemis, will become president of North American operations, responsible for finding business growth opportunities in the U.S., as well as Mexico and Canada.