Universal withdraws CFO offer from ADM alum

Group 1 - The SEC has filed a lawsuit against ADM's former CFO Vikram Luthar, alleging he inflated the performance of the company's nutrition segment for fiscal years 2021 and 2022 [5][6] - The lawsuit claims that Luthar and other executives were aware of the importance of Nutrition's growth to investors and that monetary incentives were offered based on its performance [6] - Anubhav Mittal, who was set to become CFO of Universal, had his employment offer rescinded shortly after the lawsuit against Luthar was announced, although he is not a defendant in the suit [4][7] Group 2 - Mittal joined ADM in 2016 and has held various roles, including CFO of its global pet solutions business and VP of global corporate development and M&A [3] - He assumed the role of CFO of ADM's Nutrition business in December 2023, following Luthar's promotion to ADM's top finance position in April 2022 [4] - Universal has not provided specific reasons for rescinding Mittal's offer but indicated that a successor for the CFO position will be elected in the near term [7]