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ADM, or Archer Daniels Midland Company, postponed payment for performance bonuses for some of its executives. In a memo sent to the employees, the food processing company said it would hold the bonuses until its financial statements are completed and properly audited.
According to Reuters, the memo sent to staff last week thoroughly explained the delay in bonus payments. The company made this decision just days after its chief financial officer, Vikram Luthar, was placed on administrative leave.
Schedule of Bonus Payments
Luthar was sidelined, and ADM hired external lawyers as it launched a probe into its accounting records and practices. In any case, it was emphasized that bonus payments to other employees are set to be paid in March as generally scheduled by the company.
ADM will not issue bonuses yet to some top executives and heads of its other business units. It was said that the affected executive council consists of senior leaders, but the exact number of people who may receive their bonuses later than initially scheduled was not determined.
Ongoing Investigation at ADM
The Straits Times reported that the probe focuses on AMD's nutrition unit. This is a small segment of its grains business but often significantly impacts the company's sales. The investigation was launched after the U.S. Securities and Exchange Commission (SEC) requested some information from the company.
Meanwhile, Agriculture Dive revealed last week that shareholders sued ADM after the stock price plummeted due to the investigation. In their lawsuit filing, they claimed the company misled investors regarding ADM's nutrition segment's performance and growth potential.
"As ADM was aggressively acquiring companies to expand its capabilities in Nutrition, investors were under the impression that the segment was growing rapidly," part of the lawsuit stated. "In reality, Defendants' accounting practices for the segment misrepresented its true financial results and prospects."
Photo by: ADM Website
