(Bloomberg) -- Archer-Daniels-Midland Co. said it appointed AT&T Inc.’s top lawyer to its board, just days after the agricultural commodities trader announced that it discovered more errors in its accounts.
David R. McAtee II, senior executive vice president and general counsel at the telecommunications company, was named a new board member effective immediately, Chicago-based ADM said in a regulatory filing. He will oversee committees responsible for corporate governance and succession.
The appointment is the latest move by ADM to try to regain investor confidence after a January accounting scandal that shook the commodity trading world. Even as the financial impact of the errors on consolidated earnings has so far been minor, the findings have drawn investigations by the Department of Justice and Securities & Exchange Commission and fueled a selloff in shares.
Late Monday, ADM disclosed that the company found more errors in the way it reported transactions between its business units. The crop trader said it will restate results for last year and the first and second quarters of 2024. The move prompted ADM to cancel its quarterly earnings call with analysts only 14 hours before it was due to start.
“David brings a critical perspective to ADM as we continue to evolve our company into the future,” Chief Executive Officer Juan Luciano said in a statement. “He has a true depth of experience in government regulation, strategic planning, and data security, and has helped execute strategy through engagements with institutional investors and key government stakeholders.”
ADM tapped McAtee, who has been AT&T general counsel since 2015, to fill an additional seat as it expanded its board to 12.
(Updates with details throughout)
©2024 Bloomberg L.P.