Woertz Named as New ADM CEO

Archer Daniels Midland Company has selected Patricia A. Woertz as President, Chief Executive Officer and member of the Board of Directors, succeeding G. Allen Andreas, who remains as Chairman of the Board.

Woertz, 53, most recently was Executive Vice President of Chevron Corporation, in charge of the oil company’s “downstream” operations, including refining, marketing, lubricant, supply and trading businesses in 180 countries, with more than $100 billion in annual revenues and a global workforce of 30,000. Chevron is one of the world’s leading energy companies, and Woertz was one of the highest-ranking executives in the energy industry.

“Pat Woertz is a proven executive with an exceptional blend of strategic, analytic, business and leadership skills,” said Andreas. “Her selection was endorsed unanimously by our Board of Directors, and we are confident that she is the ideal person to sustain ADM’s strong performance and lead the Company into the next chapter of its history.”

Woertz becomes only the 8th CEO in the 104-year history of ADM.

Prior to becoming Executive Vice President at Chevron in 2001, Woertz was President of Chevron Products Co. since November 1998. In January 1996, she was named President of Chevron International Oil Co. and a Vice President of logistics and trading for Chevron Products Co. In October 1993, she was named President of Chevron Canada Ltd., a refining and marketing company and a wholly-owned subsidiary of Chevron Corp.

Woertz started her career as a certified public accountant with Ernst & Young. In 1977, she joined Gulf Oil Corporation in Pittsburgh and held positions in refining and marketing, strategic planning and finance. From 1985 to 1987, during the merger of Gulf and Chevron, she worked on asset divestitures as part of the debt-reduction process. In 1989, she became finance manager with Chevron Information Technology Co. and, in 1991, was named head of strategic planning at Chevron.

A native of Pittsburgh, Woertz earned her Bachelor of Science degree from Pennsylvania State University and also is a graduate of Columbia University’s International Executive Development Program. She serves on the Board of Trustees of the University of San Diego and on the Board of Visitors of Pennsylvania State University. In addition, she was formerly a director of the American Petroleum Institute. Fortune magazine has named Woertz one of the top ten most powerful women in business every year since 2000.