Fortunes Asks Shawn Cole About the ADM CFO Scandal | CFO Recruiters

      Fortunes Asks Shawn Cole About the ADM CFO Scandal

      “There is a larger problem at ADM as this scandal didn’t begin and end with Mr. Luthar,” said Shawn Cole, president and founding partner of Cowen Partners, a C-suite-focused executive search firm.

      Roig has served in various finance and operational leadership roles at ADM for two decades, and as a member of the firm’s executive council for 10 years.

      “My bet is on the internal candidate, as a qualified outside hire will be difficult to attract without significant financial incentives to retain—even then the willing candidate pool will be small,” Cole told me.

      Last month, Roig, during his first earnings call as interim CFO, said the priorities for cash deployment in 2024 would remain focused around the shareholders. The company repurchased almost $1.6 billion in shares in Q4 2023 and “nearly $330 million of shares so far in Q1” as part of a plan to “actualize $2 billion of additional share repurchases” this year.

      And Although Roig may a front-runner, Cole said many of those same shareholders benefitting from the buybacks may prefer an outside hire for the full-time CFO spot, someone with “a clean resume, spotless reputation, a Big Four 4 auditor, significant internal controls, and financial reporting experience. This is a financial reporting trust issue, and the entire accounting and finance function should be under scrutiny.”

      Read more HERE

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