ADM's Dwayne Andreas Steps Down

Dwayne Andreas, the longtime chairman of the Archer Daniels Midland Co., (Decatur, IL) has stepped down. Andreas headed the agribusiness giant's board for 28 years and is credited with building the corporation into a major player in the world market. At the board's request, he will serve as chairman emeritus and will remain a member of the board, which will now be chaired by Allen Andreas, his nephew and the company's CEO.

Dwayne Andreas' son, Michael—on leave as an executive vice president—was thought to be a potential heir to the chairmanship before he and two former employees were convicted last fall on federal price-fixing charges. They have yet to be sentenced.

Dwayne Andreas joined ADM in 1966 and was elected chairman and CEO in 1970. Allen Andreas joined the company in 1973 and has served as treasurer, VP-Europe and special counsel to the executive committee.