AI English summary of an SEC filing — figures as filed

ADM said its board appointed Monish Patolawala as Executive Vice President and Chief Financial Officer, effective August 1, 2024. The appointment was made on July 10, 2024. He succeeds Ismael Roig, who has served as Interim Chief Financial Officer since January 21, 2024.

8-KDeparture or Appointment of Directors or Certain OfficersFiled Jul 10, 2024Period of report Jul 3, 2024Summary published (UTC) Oct 29, 2026

Key points

AI summary

ADM said its board appointed Monish Patolawala as Executive Vice President and Chief Financial Officer, effective August 1, 2024. The appointment was made on July 10, 2024. He succeeds Ismael Roig, who has served as Interim Chief Financial Officer since January 21, 2024.
The company said Patolawala has served as President and Chief Financial Officer of 3M Company since September 2023, and held roles including Chief Financial Officer of GE Healthcare from 2015 to 2019. Roig will continue as President of EMEA and President of Animal Nutrition.
The company said under Patolawala's offer letter his initial annual base salary is $1,425,000, and his target annual bonus under the annual cash incentive plan for 2024 is $1,923,750, prorated based on his hire date. His annual equity award has an approximate target grant date value of $6,950,000, with 60% in performance stock units and 40% in restricted stock units.
The company said it will provide Patolawala with make-whole awards to replace compensation he forfeits from his prior employer, consisting of a cash incentive of $1,400,000 payable in January 2025 and RSUs with an approximate grant date value of $10,000,000. The RSUs vest 25% after 6 months, 25% after 12 months and 50% after 18 months.

Summary

AI-written

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

CFO appointment and effective date

ADM said its board appointed Monish Patolawala as Executive Vice President and Chief Financial Officer, effective August 1, 2024. The appointment was made on July 10, 2024. He succeeds Ismael Roig, who has served as Interim Chief Financial Officer since January 21, 2024.

Source · Based on the filing body and exhibits

Patolawala's background and Roig's role

The company said Patolawala has served as President and Chief Financial Officer of 3M Company since September 2023, and held roles including Chief Financial Officer of GE Healthcare from 2015 to 2019. Roig will continue as President of EMEA and President of Animal Nutrition.

Source · Based on the filing body and exhibits

Initial compensation structure

The company said under Patolawala's offer letter his initial annual base salary is $1,425,000, and his target annual bonus under the annual cash incentive plan for 2024 is $1,923,750, prorated based on his hire date. His annual equity award has an approximate target grant date value of $6,950,000, with 60% in performance stock units and 40% in restricted stock units.

Source · Based on the filing body and exhibits

One-time make-whole awards

The company said it will provide Patolawala with make-whole awards to replace compensation he forfeits from his prior employer, consisting of a cash incentive of $1,400,000 payable in January 2025 and RSUs with an approximate grant date value of $10,000,000. The RSUs vest 25% after 6 months, 25% after 12 months and 50% after 18 months.

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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