Archer Daniels Midland Co. (ADM) announced yesterday that it has promoted chief operating officer Juan R. Luciano to president, effective immediately. He takes over the role of president from ADM chairman and CEO Patricia Woertz, who has been president of the Decatur, Ill.-based company since 2006. He also retains his position as COO.

Luciano oversees the commercial and production activities of ADM’s corn, oilseeds and agricultural services businesses, as well as its research, project management and risk management functions. He will continue to report to Woertz.

“Today’s appointment recognizes the excellent results Juan has achieved over the last three years as he has focused the ADM team on improved returns and laid the groundwork for enhanced earnings power,” Woertz said in a press release. “He has energized the organization around improvements in costs, cash and capital and has brought both discipline and vision to ADM’s global strategy for profitable growth.

“On behalf of all our colleagues throughout ADM, I want to congratulate Juan on this well-earned promotion. I am confident that, in partnership with our colleagues, he will continue to create greater value for ADM’s shareholders and employees.”

Luciano joined ADM in April 2011, following a successful 25-year tenure at The Dow Chemical Co., where he last served as executive vice president and president of the performance division.

Source: Archer Daniels Midland Co.