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Key Takeaways
- Archer Daniels Midland hired 3M Chief Financial Officer Monish Patolawala to serve in the same position at the company.
- The hire comes as ADM faces a U.S. government investigation related to accounting irregularities.
- Patolawala’s departure from 3M was predicted by some analysts after the company made an outside CEO hire in March.
Archer Daniels Midland ( ADM ) named 3M ( MMM ) Chief Financial Officer (CFO) Monish Patolawala its CFO, the company announced Wednesday.
Patolawala’s move, effective Aug. 1, brings new financial leadership to a company facing a U.S. government investigation into its accounting practices that has included Justice Department subpeonas of its employees. He succeeds ADM interim CFO Ismael Roig.
ADM’s shares were recently up 0.7%. 3M’s were up about 1%.
Previous ADM CFO Resigned in April
The agricultural commodities company launched an internal investigation of its nutrition division in January following a voluntary document request by the Securities and Exchange Commission (SEC) , leading ADM to revise six years of financial data in March . Former CFO Vikram Luthar was placed on administrative leave in January and later resigned in April.
Patolawala’s departure from 3M was predicted by some analysts after the company named Bill Brown its CEO in March, Reuters reported. At ADM, Patolawala will be paid an initial annual base salary of $1.425 million, according to a regulatory filing.
Before 3M, Patolawala worked at General Electric ( GE ) for more than two decades, including a five-year stint as CFO of GE Healthcare ( GEHC ). He currently sits on the board of directors of Biogen ( BIIB ).