USA – Archer Daniels Midland Company (ADM) has announced the election of its board of directors, including new director Dr. Lei Zhang Schlitz at its 96th Annual Stockholders’ Meeting.
Dr. Schlitz has held a series of senior-level positions for Illinois Tool Works Inc. (ITW), an innovative, diversified Fortune 200 manufacturing company with operations in 55 countries, approximately 48,000 employees, and more than 18,000 current and pending patents.
Currently, she serves as executive vice president of ITW’s Food Equipment segment, a $2.2 billion business that designs and manufactures state-of-the-art commercial ovens, dishwashers, refrigerators, food processing equipment, and after-sales services for commercial food service and food retail customers around the globe.
Eleven incumbent directors who were re-elected, including: Alan L. Boeckmann, Michael S. Burke, Terrell K. Crews, Pierre Dufour, Donald E. Felsinger, Suzan F. Harrison, Juan R. Luciano, Patrick J. Moore, Francisco J. Sanchez, Debra A. Sandler and Kelvin R. Westbrook.
ADM Board of Directors have also declared a cash dividend of 35.0 cents per share on the company’s common stock payable June 5, 2019, to shareholders of record on May 15, 2019.
Dr. Lei Zhang Schlitz was nominated to the company board last month after Daniel Shih, who has served as an ADM director since 2012 unveiled intentions to resign.
ADM also created a new Board committee on Sustainability and Corporate Responsibility to drive the company’s sustainability and corporate citizenship efforts.
In the last quarter period, the company reported 40% decline in net earnings impacted by severe weather conditions in North America.
Revenues during the quarter stood at US$15.3 billion, down 1.4% while net earnings fell from US$393 million in the opening three months of 2018 to US$233 million.
The company said it plans to reduce 2019 capital spending by 10%, to the range of $0.8 to $0.9 billion.
It has also announced several measures to accelerate growth including early retirement program and plans to repurpose its corn wet mill in Marshall, Minnesota.