(Bloomberg) -- Archer-Daniels-Midland Co.’s compliance chief Ben Bard is set to leave early next year after more than a decade with the Chicago-based commodities trader.
“Mr. Bard is leaving ADM for personal reasons and to make any other assumption is factually inaccurate,” ADM said in an emailed statement Wednesday. “Ben has been a valuable leader over the past 11 years, we appreciate his commitment and dedication to ADM as he supports the transition of his duties over the next several months.”
On Tuesday, ADM said in a regulatory filing that it was delaying the release of its financial statement for the third quarter as it works to restate previous reports. That followed last week’s disclosure that ADM had found errors in its accounting, and the news 10 months ago that it was cooperating with the Securities and Exchange Commission on a probe over mistakes in the way transactions were reported between segments of the company. The revelations have wiped almost $12 billion off the value of ADM.
To regain investor confidence, the trader has tested new internal controls, replaced its chief financial officer and appointed AT&T Inc.’s top lawyer David R. McAtee II to its board.
Bard, who also led the regulatory and scientific affairs team, has more than two decades of experience in the legal, compliance and risk management fields. Prior to joining ADM, he worked for Coca-Cola Co., where he was part of the anti-corruption and trade sanctions compliance counsel.
(Updates with company comment in second paragraph)
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