Archers Daniels Midland (ADM) said Sunday that it’s placed CFO Vikram Luthar on administrative leave while it investigates accounting practices at its nutrition unit. ADM stock plunged early Monday.

ADM expects to to its delay fourth-quarter earnings release and the annual 10-K filing. The company was set to release Q4 results on Tuesday.

ADM withdrew guidance for the nutrition unit and now expects 2023 earnings per share above $6.90 vs. a prior forecast above $7.

Israel Roig was named interim CFO.

ADM stock plunged 14% in premarket trade. Shares, which have been sliding since late 2022, were already at two-year lows on Friday.

Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.

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