Archer Daniels Midland Names Juan Luciano President

(RTTNews) - Grain processor Archer Daniels Midland Co. (ADM) Tuesday announced the promotion of Juan Luciano to president, effective immediately. Luciano will also continue in his current position as chief operating officer of the company.

"Today's appointment recognizes the excellent results Juan has achieved over the last three years as he has focused the ADM team on improved returns and laid the groundwork for enhanced earnings power," said Chairman and CEO Patricia Woertz.

Luciano oversees the commercial and production activities of ADM's corn, oilseeds, and agricultural services businesses, as well as its research, project-management and risk-management functions.

Luciano joined ADM in April 2011, following a 25-year tenure at The Dow Chemical Co., where he last served as executive vice president and president of the performance division.

Earlier this month, ADM reported a lower fourth-quarter profit, hit by charges as well as lower revenues. However, adjusted earnings topped Wall Street estimates, amid lower corn costs and improved ethanol margins.

The company continues to see strong global demand for its products and large crop supplies.