Archer Daniels Midland Company announced a new president and CEO. She is ex-Chevron Corporation executive Patricia Woertz, which is seen as a move affirming that ADM's priorities lie in energy.
ADM uses about a third of all the corn, wheat and soybeans processed in the U.S. to make a variety of feed and food additives. However, some analysts expect the company to dramatically increase its ethanol production.
The 53 year old Woertz becomes only the eight CEO in ADM's 104-year history and the first leader since 1970 to not be an Andreas family member.