CHICAGO (Reuters) — Archer Daniels Midland Co. said on Tuesday it has plucked another executive from its core oilseeds operations for a top spot in its expanding ingredients business.
Chicago-based ADM, one of the world’s largest agricultural trading houses, named Ken Campbell, who was vice president of North American Oilseeds, as president of healthy ingredients company Specialty Commodities Inc.
ADM on Tuesday completed a US$191 million deal to acquire Specialty Commodities, which buys, processes and distributes nuts, fruits, seeds and other products. The firm was majority owned by Goldner Hawn Johnson & Morrison, a private equity investment firm.
Read Also
Potash maker Nutrien to sell stake in Argentina’s Profertil for $600 million
Canadian-based fertilizer giant, Nutrien said on Monday it will sell its 50 per cent stake in Argentina-based nitrogen producer Profertil for $600 million, as the world’s top potash producer shifts focus away from South America.
Campbell, through an ADM spokeswoman, declined to be interviewed. She said she did not know who would replace him in the oilseeds unit.
The management change illustrates the emphasis ADM is placing on growing its ingredients business as it tries to improve returns and is the latest shake-up in leadership at the agribusiness company.
Last month, ADM named Greg Morris, who oversaw all North American oilseeds processing, as president of its new Wild Flavors and Specialty Ingredients business unit, which will include Specialty Commodities. ADM is creating the unit as part of this year’s $3 billion acquisition of natural flavorings firm Wild Flavors.
Morris also had led ADM’s specialty products business.
ADM on Nov. 4 reported that adjusted third-quarter earnings jumped 72 percent as gains in corn processing and agricultural services more than offset flat results in oilseed processing. However, revenues fell from a year earlier and missed Wall Street estimates.
Operating profits for oilseeds processing in the nine months ended Sept. 30 were $1 billion, up 2.8 percent from the same period the previous year.
ADM is increasing its focus on ingredients ahead of the departure of chief executive Patricia Woertz. Earlier this month, the company said she will step down at the end of the year and be replaced by Juan Luciano, chief operating officer and president.
