ADM puts CFO on leave pending accounting probe

Food processing company ADM announced Chief Financial Officer Vikram Luthar was placed on administrative leave pending an investigation into accounting practices and procedures flagged by the Securities and Exchange Commission (SEC).

The probe is being conducted by outside counsel and the board of directors’ audit committee, according to a press release Sunday. Specifically, the investigation is focused on ADM’s nutrition reporting segment, including “certain intersegment transactions,” the company said.

The decision follows ADM voluntarily producing documents for the SEC upon request. The company said it is cooperating with the agency.