Agriculture commodity giant Archer-Daniels-Midland Co. (ADM) cut its outlook for the 2ꩵ023 fiscal year and put a top executive on leave after it anno🐲unced an investigation into its accounting practices, sending its shares skidding more than 20% in intraday trading Monday. 

The Chicago-based grain merchant on Sunday said it placed 澳洲幸运5官方开奖结果体彩网:Chief Financial Officer (CFO) Vikram Luthar on leave as it investigates accounting practices and procedures in ADM’s nutrition department. The investigation was spurred by a voluntary document request from the U.S. 澳洲幸运5官方开奖结果ღ体彩网:Securities and Exchange Commission (SEC), with which ADM said it was cooperating.

The company appointed Ismael Roig as the interim CFO, a veteran at the company with two decades of﷽ executive experience. 

As part of the CFO announcement, ADM updated its outlook for 2023, saying it now expects to deliver adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $6.90, lower than the “in excess of $7 per share” it forecast in its October 2023 third-quarter report. The company is also pushing its fourth-quarter 澳洲幸运5官方开奖结果体彩网:earnings report back from this week.

The investigation comes after ADM reported in October that it would lower its profit guidance for its nutrition unit for 2023, but had projected a return to profit growth for it in 2024.

ADM has devoted up to $300 million in investment to the plant-based food market as part of its nutrition division, but later indicated that it would change the scope of that program due to a “lower growth demand environment,” Luthar said in the company’s October earnings call.

By 2 p.m. ET, 🎉ADM shares had dro𒅌pped about 22% to just above $53.