ADM Hires 3M CFO Amid Government Investigation

Archer Daniels Midland (ADM) named 3M (MMM) Chief Financial Officer (CFO) Monish Patolawala its CFO, nan institution announced Wednesday.

Patolawala’s move, effective Aug. 1, brings caller financial activity to a institution facing a U.S. authorities investigation into its accounting practices that has included Justice Department subpeonas of its employees. He succeeds ADM interim CFO Ismael Roig.

ADM's shares were precocious up 0.7%. 3M's were up astir 1%.

Previous ADM CFO Resigned successful April

The cultivation commodities institution launched an internal investigation of its nutrition section successful January pursuing a voluntary archive petition by nan Securities and Exchange Commission (SEC), starring ADM to revise six years of financial information in March. Former CFO Vikram Luthar was placed connected administrative time off successful January and later resigned successful April. 

Patolawala’s departure from 3M was predicted by immoderate analysts aft nan institution named Bill Brown its CEO successful March, Reuters reported. At ADM, Patolawala will beryllium paid an first yearly guidelines net of $1.425 million, according to a regulatory filing.

Before 3M, Patolawala worked astatine General Electric (GE) for much than 2 decades, including a five-year stint arsenic CFO of GE Healthcare (GEHC). He presently sits connected nan committee of board of Biogen (BIIB).