Finance chief suspended, earnings outlook lowered: ADM takes swift action.

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Archer-Daniels-Midland (ADM), the American agricultural trader, has suspended its Chief Financial Officer (CFO), Vikram Luthar, and lowered its earnings outlook. ADM made the decision after receiving a voluntary document request from the US Securities and Exchange Commission (SEC), and is investigating accounting practices within its nutrition reporting segment. Ismael Roig has been named as interim CFO. The investigation comes after ADM’s investments in expanding its nutrition business fell short of expectations, resulting in a decline in operating income for the segment. As a result of the ongoing investigation, ADM has withdrawn its outlook for the nutrition unit and anticipated a delay in its earnings release. This is not the first time ADM has faced controversy, as it was involved in a price-fixing conspiracy in the 1990s and is currently dealing with various lawsuits related to price manipulation in its trading activities.

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