Rumours dampened over return of ADM executive
to rehire former Chief Operating Officer and Vice Chairman Michael
Andreas, who was released from a federal prison early on Wednesday
after serving time on price-fixing charges.
Agribusiness giant Archer Daniels Midland Co. said it had no plans to rehire former Chief Operating Officer and Vice Chairman Michael Andreas, who was released from a federal prison early on Wednesday after serving time on price-fixing charges.
Andreas, convicted in 1998 and later sentenced to three years in prison, was moved from a minimum-security prison camp in Duluth, Minnesota, to a halfway house at a yet undisclosed location, said Daniel Dunne, a spokesman for the Federal Bureau of Prisons. Employment and full-time supervision are requirements for such a release, he said.
His release came just one day after the surprise announcement that ADM President John McNamara had resigned "to pursue personal interests." The announcement prompted speculation in agricultural trade circles that Michael Andreas might be returning to ADM.
"I can confirm that he will not be returning in any capacity to Archer Daniels Midland," said company spokesman Larry Cunningham. "He's just not coming back." He added that there was no connection between McNamara's resignation and Andreas' release. McNamara will be succeeded by John Mulhollem.
Andreas was one of three top ADM executives convicted in 1998 of taking part in a scheme to fix the price of animal feed additive lysine. The company earlier agreed to pay a $100 million (€111.3m) fine to settle the government's charges.
