ADM board of directors names Woertz chairman
February 06, 2007
by Eric Schroeder
DECATUR, ILL. — The board of directors of Archer Daniels Midland Co. on Tuesday announced Patricia A. Woertz, president and chief executive officer, has been elected chairman of the company’s board of directors. Ms. Woertz, who was named president and c.e.o. in April 2006, succeeds G. Allen Andreas, who resigned from the board. Independent director Patrick Moore will continue in the role of lead director, ADM said.
In addition to the naming of Ms. Woertz to chairman, the ADM board adopted a majority voting policy for election of directors that will be implemented through amendments to the company’s bylaws and corporate governance guidelines.
"Our leadership transition has progressed very successfully and faster than anticipated," said G. Allen Andreas. "Under Patricia’s leadership, ADM continues to deliver outstanding results for shareholders, customers and employees. As I look forward, the time is right for me to step down and for Patricia to assume the role of chairman."
Prior to joining ADM in April 2006, Ms. Woertz spent 29 years in the energy industry, most recently as executive vice-president of Chevron Corp., where she led its global refining, marketing, lubricant, supply and trading operations.
Mr. Andreas joined ADM in 1973. He was treasurer, chief financial officer of European Operations, and vice-president and counsel to the executive committee before being named a member of the office of the chief executive in 1996. He was named c.e.o. in 1997, assumed the position of chairman in 1999 and was elected president in 2005. In 2006, Mr. Andreas retired from the positions of c.e.o. and president while continuing his service as chairman of the board.