Archer Daniels Midland (ADM) raised its dividend 8% and named a new CFO.
ADM said the dividend is payable March 11 to shareholders of record as of Feb. 19. It is the second quarterly increase since December, 2006 and the dividend has been increase a total of 30% in that time frame.
ADM also announced Steven Mills will succeed CFO Douglas Schmalz, who is retiring after 23 years with the company, effective March 1. Mills, currently the company’s senior vice president for strategic planning, joined ADM in 1979 and was appointed controller in 1994.
Schmalz, 61 years old, was appointed CFO at ADM, the nation’s largest ethanol producer in October 1986. He joined the company a year earlier as controller.
No big deal here. One insider taking over for another. It is a wash..
Disclosure (“none” means no position):Long ADM
