ADM’s new chief executive plans to accelerate growth of the company, when he steps into the role on 1 January next year.

Juan R Luciano will succeed Patricia Woertz, who will continue in the role of ADM’s chairman of the board and is expected to retire in May 2016.

Luciano currently serves as president and chief operating officer responsible for leading and running the company’s global operations.

The soon-to-be front man said: “I am honoured to have the opportunity to lead our great company and team into the future. Under Pat’s leadership, we have made exceptional progress creating a high-performance, results-focused company.

“My commitment is to build on that success by accelerating our pace of progress. This is an exciting time, with tremendous opportunities, and all of us at ADM are committed to leveraging our core model to achieve new levels of value-creation.

“I look forward to working with my colleagues to extend our more than 100-year record of success.”

His predecessor, Woertz, said: “As I look ahead to fulfilling a decade of service to the company, the time feels right to begin that succession. ADM’s future is so bright. We have improved the company’s returns and crafted a strategic plan to achieve further improvements. We have worked hard to build the company’s earnings power and now — with good global demand, large global harvests and the expansion of our higher-margin business with the acquisition of WILD Flavors — we are well positioned for greater success.”

Luciano will be the ninth chief executive in ADM’s 112-year history. He joined ADM in 2011 as executive vice president and chief operating officer, and was named president in February 2014.