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 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 $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.
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.
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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.
(Reporting by Tom Polansek; Editing by Dan Grebler)
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