ADM announces job layoff to cut operational costs
USA—Archer Daniels Midland (ADM) has announced plans to eliminate up to 700 jobs and cut up to US$750 million in costs in the next three to five years.
The company said that it is slashing costs and cutting staff to weather a commodity downturn made more challenging by uncertainty about U.S. biofuels policies and a brewing trade war.
The company posted its weakest fourth-quarter profit in six years and forecast what could be a third-straight annual earnings drop in 2025. These difficulties followed an accounting scandal last year that forced the company to revise its financial statements twice and triggered an ongoing federal investigation.
CEO Juan Luciano said it was difficult to predict how ADM’s global trading business would fare if President Donald Trump’s orders to raise tariffs on Canada, Mexico and China spark broad retaliation from the top three buyers of U.S. farm goods.
He added, “Tariffs imposed by the U.S. government tend to have a slightly positive benefit to us. The issue is the retaliatory measures. ADM is on a short list of grain-trading companies that can benefit from such trade turmoil.”
Trump’s administration took actions that led to retaliatory measures from other countries, such as China, which announced tariffs on U.S. goods in response to Trump’s tariffs on imports.
ADM and other crop processors were awaiting policy guidance from the Trump administration on the size and scope of tax credits for U.S. biofuels producers that could bolster oilseed crushing and biodiesel margins.
Recently, the company appointed Cargill executive Carrie Nichol as its vice president and chief account officer, effective 1 March 2025.
Nichol brings over 20 years of finance and accounting experience. She joins ADM from Cargill, where she served as senior vice president, chief accounting officer, and global process leader from 2021 to 2025.
As chief accounting officer, Nichol will report to executive vice president and chief financial officer Monish Patolawala and oversee ADM’s external and management accounting, reporting processes, internal controls, and insurance and risk management department.
Additionally, Nichol will succeed vice president and corporate controller Molly Strader Fruit, who will transition to a new role as vice president of total rewards and HR operations. After supporting Nichol in a smooth handover, she will report to Chief People Officer Jennifer Weber.
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