The American agribusiness giant Archer Daniels Midland (ADM), is suggesting to cut its board of directors by almost one-third, with Dwayne Andreas, the company's chairman emeritus who built the group into a commodity trading powerhouse, stepping down for the first time in more than 30 years, reports the Financial Times.
This is the latest move in a series of changes instigated under Allen Andreas, the current chief executive and Dwayne Andreas' nephew.
Until recently, ADM was widely viewed as the personal fiefdom of Dwayne Andreas, who was renowned for his top-level personal contacts, both in Washington and with other world leaders.
In 1997, Allen Andreas took over the reins, and since then the company has made moves to become more open, both in its relations with the investment community and the media.
Other departures would include John Block, a former US secretary of agriculture; Richard Burt, a former ambassador to Germany; Ross Johnson, former chief executive of RJR Nabisco; Robert Strauss, a former ambassador to the Soviet Union; and Gaylord Coan, a former chief executive of Gold Kist, a farmers' co-operative.
According to the plan, eight of the existing directors would remain on the board, including Allen Andreas, with two new directors being added: the first would be Roger Joslin, vice-chairman of State Farm, the giant US insurer; and the second would be Sandra Andreas McMurtrie, Dwayne's daughter, meaning the family would still retain two of the 10 board seats.
The proposed new board will be put to shareholders at the annual meeting on November 1.