ADM to Cut CEO's Bonus After Accounting Scandal Hit Shares
(Bloomberg) -- Archer-Daniels-Midland Co. plans to slash Chief Executive Officer Juan Luciano's annual cash bonus and laid out a new policy to claw back long-term awards in a bid to 'ensure accountability' more than a year after an accounting scandal sent the commodity-trading giant's shares tumbling.
They Built a Secret Apartment in a Mall. Now the Mall Is Dying.
Why Did the Government Declare War on My Adorable Tiny Truck?
How SUVs Are Making Traffic Worse
Trump Slashed International Aid. Geneva Is Feeling the Impact.
These US Bridges Face High Risk of Catastrophic Ship Strikes
Luciano is due to receive a 2024 bonus of about $1.2 million, less than half of his target of nearly $3 million, according to a securities filing. That brings his total compensation to roughly $21.6 million, down from $24.4 million in the previous year.
The move comes after ADM adjusted years of financial results due to errors in the way it reported transactions between business units. When the company announced the accounting problems in January 2024, the news erased more than $8.8 billion in market value.
ADM's board determined that it was appropriate to exercise 'negative discretion' to shrink the payout percentage for cash incentive awards, the filing stated. The discretion was applied to the company executives 'who were in relevant leadership positions during the applicable period.' That's despite ADM's conclusion that no executive was found to be engaged in improper conduct.
Vikram Luthar, the former chief financial officer, will receive zero cash bonus. He resigned in September, before the end of the fiscal year.
In addition, the company laid out a new policy for recouping or forfeiting equity incentive awards, saying it could claw back stock awards if an individual engages in any prohibited conduct, even if his or her employment is not terminated. 'Our approach to recoupment of long-term incentive compensation reflects the company's commitment to protecting stockholder value,' ADM said.
Business Schools Are Back
Google Is Searching for an Answer to ChatGPT
A New 'China Shock' Is Destroying Jobs Around the World
The Richest Americans Kept the Economy Booming. What Happens When They Stop Spending?
How TD Became America's Most Convenient Bank for Money Launderers
©2025 Bloomberg L.P.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
24 minutes ago
- Yahoo
Trump, Paramount Global Are in 'Active Settlement Discussions' Over '60 Minutes' Lawsuit
President Trump and Paramount Global are in 'active settlement discussions' amid a lawsuit that Trump filed against the company over an interview that CBS' 60 Minutes aired last year with then-Vice President Kamala Harris. The revelation came in a motion filed Friday by Trump's attorneys asking for an extension in the deadlines in his lawsuit against Paramount Global, parent company of CBS. More from The Hollywood Reporter Mark Ruffalo, Jimmy Kimmel, Gracie Abrams, Kerry Washington and More Stars Participating in "No Kings" Protests Paramount to Cut Another 3.5 Percent of U.S. Staff As It Awaits Word On Skydance Deal Close Naveen Chopra Exits as Paramount Global CFO The motion states that both sides 'respectively submit that good cause to extend the deadlines set forth in the table below exists because the Parties are engaged in active settlement discussions, including continued mediation.' Trump alleges in the lawsuit that CBS News aired a 'heavily tampered interview' with Harris to help her in the election by editing certain answers in a way that misled viewers. Trump's team alleges that this constitutes a violation of Texas' consumer protection law covering deceptive advertising and the unfair competition prong of the Lanham Act, a trademark law. As previously reported, the two sides are currently in mediation talks to try and resolve the suit. Paramount reportedly previously offered $15 million to resolve the suit, which it also sought to dismiss earlier this year. Meanwhile, the FCC is reviewing the interview via its 'news distortion' filing comes two weeks after Paramount Global added three new board directors as it deals not only with the lawsuit, but also the proposed merger of Skydance Media and Paramount Global. Earlier this month, Paramount chair Shari Redstone revealed she had been diagnosed with thyroid cancer. Best of The Hollywood Reporter How the Warner Brothers Got Their Film Business Started Meet the World Builders: Hollywood's Top Physical Production Executives of 2023 Men in Blazers, Hollywood's Favorite Soccer Podcast, Aims for a Global Empire
Yahoo
35 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq rise, oil slips as Israel-Iran conflict enters 4th day
US stocks climbed on Monday, eyeing a rebound as jitters over a widening in the Israel-Iran conflict started to recede despite exchanges of missile strikes throughout the weekend. The Dow Jones Industrial Average (^DJI) rose 0.6%, while the S&P 500 (^GSPC) also moved up 0.6%. The Nasdaq Composite (^IXIC) gained 0.8%. The cautious optimism follows a bruising Friday session that saw the Dow plunge more than 700 points in a broad risk-off move. Meanwhile, oil (CL=F) prices edged lower after jumping in the wake of the latest attacks, having surged last week to their highest levels since January. The geopolitical flare-up comes at a delicate moment for markets already buffeted by tariff insecurity. Friday's selloff dragged the major US indexes into negative territory for the week. Read more: The latest on Trump's tariffs Now investors are regaining some appetite for risk amid rising optimism that the conflict won't spill over into a broader regional crisis. President Trump said on Sunday there's a "good chance" of an Israel-Iran peace deal, but the hostilities may need to play out first. 'Sometimes they have to fight it out, but we're going to see what happens,' he told reporters. A measure of calm is also returning to the oil market, rattled by fears of disruption to the global energy supply. After spiking initially, prices pushed down nearly 2% to pull Brent crude (BZ=F) to just under $73 a barrel and WTI crude to below $72 a barrel. Gold (GC=F) prices also pulled back, having rallied alongside oil as it drew safe-haven flows amid rising volatility. The precious metal traded lower at around $3,443 an ounce. On the trade front, the EU is reportedly ready to accept US tariffs of 10% across all its exports — the baseline for Trump's "reciprocal" hikes — as the president puts pressure on trading partners to reach a deal. The offer is a bid to avert higher rates on cars, drugs, and electronics, Handelsblatt reported. Looking ahead, markets overwhelmingly expect the Fed to hold rates steady on Wednesday. While President Trump has maintained pressure on Chair Jerome Powell to cut rates, current market dynamics may leave little room to budge. The major averages opened higher on Monday, while oil pulled back as the Israel-Iran conflict entered its fourth day. The Dow Jones Industrial Average (^DJI) gained about 0.5%, while the S&P 500 (^GSPC) moved up 0.6%. The tech-heavy Nasdaq Composite (^IXIC) rose 0.7%. Oil (CL=F), which rose sharply on Friday, pulled back as traders assessed the scope of the ongoing conflict between Israel and Iran. Investors are focusing this week on the Federal Reserve meeting and policy decision. Market participants overwhelmingly expect policymakers to hold interest rates steady on Wednesday. Strategy (MSTR), the largest corporate holder of bitcoin, reported in a filing to the Securities and Exchange Commission that it purchased $1.05 billion worth of bitcoin between June 9 and June 15. Strategy, which is chaired by crypto tycoon Michael Saylor, has spent $41.8 billion to purchase 592,000 bitcoins since 2020, holding the cryptocurrency as its primary treasury reserve asset. Shares of MSTR rose 1.4% in premarket trading. The stock is up roughly 3,000% since the software firm first bought bitcoin on Aug. 10, 2020. Northrop Grumman (NOC), RTX (RTX), and Lockheed Martin (LMT) traded roughly flat in premarket Monday after rallying in the prior trading session. The defense stocks had climbed Friday after Israel launched a series of airstrikes on Iran, raising tensions in the Middle East and heightening fears of a broader regional conflict. Northrop Grumman stock gained nearly 4%, while Lockheed Martin and RTX shares rose over 3%. The three companies supply weapons to Israel through contracts with the US government. Palantir (PLTR) rose a more modest 1.6% Friday but was up 2.2% before the market open Monday. Shares of Sarepta (SRPT) plunged 40% in premarket trading on Monday after the company said a second patient died of liver failure while taking its experimental gene therapy, Elevidys. Sarepta paused its clinical trial and halted shipments of the treatment to patients who are unable to walk. News of the death comes after another patient died of acute liver failure in March, which raised concerns over the drug's safety. The therapy is used to treat Duchenne muscular dystrophy, a rare muscle disorder. The focus at this week's Federal Reserve meeting is on whether policymakers are still committed to two interest-rate cuts this year, Yahoo Finance's Jennifer Schonberger reports: Read more here. Here are some of the biggest stories you may have missed over the weekend and early this morning: Economic data: Empire manufacturing activity (June) Earnings: No notable earnings. How many Fed cuts ahead? We (and Trump) are about to find out. EU set to accept flat 10% US tariff — with conditions Mideast tensions, Fed's 'dot plot': What to know this week Oil erases gain as Iran-Israel attacks spare critical flows Why Wall Street doesn't see Fed rate cuts coming anytime soon Investors shun long-term US bonds as rate-cut hopes fade Israel-Iran attacks enter 4th day with no deal in sight Here are some top stocks trending on Yahoo Finance in premarket trading: United States Steel Corporation (X) stock was up 5% before the bell on Monday after President Trump approved of Japan's Nippon Steel's take over of the company. Trump the gave the green light to the $14.9B bid for US Steel on Friday, removing a key hurdle in Nippon's 18-month pursuit of the business. Kering's ( Paris-listed shares rose 9% in premarket trading on Monday, after reports emerged that Renault's chief executive, Luca de Meo would become head of the French luxury goods group Gucci. Tesla (TSLA) stock was up 1% on Monday before the bell, rebounding from losses earlier in the Month due to CEO Elon Musk and President Trump's feud. Renault's ( stock dropped over 6% on news that its CEO Luca de Meo has decided to leave. The Italian who turned around the French automaker has been recruited by Kering (PPXB.F, PPRUF) to perform a similar feat at the luxury goods maker, according to Bloomberg. Shares of Kering rose almost 10% in Paris as investors welcomed the report that de Meo will be appointed as the Gucci owner's CEO in coming days. Bloomberg reports: Read more here. Greetings from Cannes Lions, where I am stationed for the week talking with top advertising execs, sports stars and CEOs. Tough assignment! I have found this event to be very useful each year in helping to understand the economy into year end. You would be surprised how forward-looking market spend trends are at the world's biggest companies. To that end, I just got off set with Disney's (DIS) president of global advertising Rita Ferro — one of the top names in the marketing industry. I asked her if a slowing US economy and general macro volatility were beginning to chip away at ad budgets. She wasn't super bullish about ad spending — more cautiously optimistic. Businesses are buying ads once they see they need them, rather than making large commitments on ad spend early, she suggested. "I think people are being very intentional where they spend money," Ferro tells me. "I would say they're [the data points she watches] not recessionary. We see much closer in buying." Gold prices rose as the conflict erupting between Israel and Iran pushed investors toward safe-haven assets in a broader risk-off move. Bloomberg reports: Read more here. Oil continues to gain as Israel and Iran enter the fourth consecutive day of missile strikes between the warring nations. Iran is the third largest oil producer in OPEC+ and controls the Strait of Hormuz, an essential supply route for oil worldwide. Bloomberg reports: Read more here. The major averages opened higher on Monday, while oil pulled back as the Israel-Iran conflict entered its fourth day. The Dow Jones Industrial Average (^DJI) gained about 0.5%, while the S&P 500 (^GSPC) moved up 0.6%. The tech-heavy Nasdaq Composite (^IXIC) rose 0.7%. Oil (CL=F), which rose sharply on Friday, pulled back as traders assessed the scope of the ongoing conflict between Israel and Iran. Investors are focusing this week on the Federal Reserve meeting and policy decision. Market participants overwhelmingly expect policymakers to hold interest rates steady on Wednesday. Strategy (MSTR), the largest corporate holder of bitcoin, reported in a filing to the Securities and Exchange Commission that it purchased $1.05 billion worth of bitcoin between June 9 and June 15. Strategy, which is chaired by crypto tycoon Michael Saylor, has spent $41.8 billion to purchase 592,000 bitcoins since 2020, holding the cryptocurrency as its primary treasury reserve asset. Shares of MSTR rose 1.4% in premarket trading. The stock is up roughly 3,000% since the software firm first bought bitcoin on Aug. 10, 2020. Northrop Grumman (NOC), RTX (RTX), and Lockheed Martin (LMT) traded roughly flat in premarket Monday after rallying in the prior trading session. The defense stocks had climbed Friday after Israel launched a series of airstrikes on Iran, raising tensions in the Middle East and heightening fears of a broader regional conflict. Northrop Grumman stock gained nearly 4%, while Lockheed Martin and RTX shares rose over 3%. The three companies supply weapons to Israel through contracts with the US government. Palantir (PLTR) rose a more modest 1.6% Friday but was up 2.2% before the market open Monday. Shares of Sarepta (SRPT) plunged 40% in premarket trading on Monday after the company said a second patient died of liver failure while taking its experimental gene therapy, Elevidys. Sarepta paused its clinical trial and halted shipments of the treatment to patients who are unable to walk. News of the death comes after another patient died of acute liver failure in March, which raised concerns over the drug's safety. The therapy is used to treat Duchenne muscular dystrophy, a rare muscle disorder. The focus at this week's Federal Reserve meeting is on whether policymakers are still committed to two interest-rate cuts this year, Yahoo Finance's Jennifer Schonberger reports: Read more here. Here are some of the biggest stories you may have missed over the weekend and early this morning: Economic data: Empire manufacturing activity (June) Earnings: No notable earnings. How many Fed cuts ahead? We (and Trump) are about to find out. EU set to accept flat 10% US tariff — with conditions Mideast tensions, Fed's 'dot plot': What to know this week Oil erases gain as Iran-Israel attacks spare critical flows Why Wall Street doesn't see Fed rate cuts coming anytime soon Investors shun long-term US bonds as rate-cut hopes fade Israel-Iran attacks enter 4th day with no deal in sight Here are some top stocks trending on Yahoo Finance in premarket trading: United States Steel Corporation (X) stock was up 5% before the bell on Monday after President Trump approved of Japan's Nippon Steel's take over of the company. Trump the gave the green light to the $14.9B bid for US Steel on Friday, removing a key hurdle in Nippon's 18-month pursuit of the business. Kering's ( Paris-listed shares rose 9% in premarket trading on Monday, after reports emerged that Renault's chief executive, Luca de Meo would become head of the French luxury goods group Gucci. Tesla (TSLA) stock was up 1% on Monday before the bell, rebounding from losses earlier in the Month due to CEO Elon Musk and President Trump's feud. Renault's ( stock dropped over 6% on news that its CEO Luca de Meo has decided to leave. The Italian who turned around the French automaker has been recruited by Kering (PPXB.F, PPRUF) to perform a similar feat at the luxury goods maker, according to Bloomberg. Shares of Kering rose almost 10% in Paris as investors welcomed the report that de Meo will be appointed as the Gucci owner's CEO in coming days. Bloomberg reports: Read more here. Greetings from Cannes Lions, where I am stationed for the week talking with top advertising execs, sports stars and CEOs. Tough assignment! I have found this event to be very useful each year in helping to understand the economy into year end. You would be surprised how forward-looking market spend trends are at the world's biggest companies. To that end, I just got off set with Disney's (DIS) president of global advertising Rita Ferro — one of the top names in the marketing industry. I asked her if a slowing US economy and general macro volatility were beginning to chip away at ad budgets. She wasn't super bullish about ad spending — more cautiously optimistic. Businesses are buying ads once they see they need them, rather than making large commitments on ad spend early, she suggested. "I think people are being very intentional where they spend money," Ferro tells me. "I would say they're [the data points she watches] not recessionary. We see much closer in buying." Gold prices rose as the conflict erupting between Israel and Iran pushed investors toward safe-haven assets in a broader risk-off move. Bloomberg reports: Read more here. Oil continues to gain as Israel and Iran enter the fourth consecutive day of missile strikes between the warring nations. Iran is the third largest oil producer in OPEC+ and controls the Strait of Hormuz, an essential supply route for oil worldwide. Bloomberg reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
40 minutes ago
Trump family announces another venture, a mobile phone company
NEW YORK -- The Trump family said it will launch a mobile phone company, the latest in a string of ventures that have been announced while Donald Trump is in the White House despite ethical concerns that the U.S. president could mold public policy for personal gain. Eric Trump, one of President Donald Trump's sons who will run the business, said that the new company would build its own phones in the U.S., and maintain a call center in the country as well. The announcement of the new mobile phone company and service follows several real estate deals for towers and resorts in the Middle East, including a golf development in Qatar announced in April. A $1.5 billion partnership to build golf courses, hotels and real estate projects in Vietnam was approved last month, but the deal was in the works before Trump was elected. Trump criticized Apple last month because it planned to make most of its U.S. iPhones in India, and threatened to slap a 25% tariff on the devices unless the tech giant starts building the product in its home country.
