Christopher Cuddy
Archer-Daniels-MidlandAbout Christopher Cuddy
Christopher M. Cuddy is Senior Vice President of ADM and President of the Carbohydrate Solutions business (since March 2015). He has 26 years with ADM and is 51 years old per the FY2024 Form 10-K executive officers table, reflecting long-tenured operational leadership in starches, corn syrups, wheat milling and BioSolutions . Under ADM’s broader performance in 2024, the company delivered revenue of $85.5B, adjusted EBITDA of $4.476B, adjusted EPS of $4.74, and adjusted ROIC of 8.3%; ADM’s total segment operating profit was $4.209B with Carbohydrate Solutions contributing $1.376B . Company TSR on a fixed $100 investment stood at $124.60 in 2024 (peer group $216.60) as disclosed in Pay vs Performance .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ADM | Senior Vice President | 2015–present | Long-tenured executive leadership across growth and operations |
| ADM | President, Carbohydrate Solutions | 2015–present | Delivered third-best year in North America Starches & Corn Syrups and second-best ever in Global Wheat Milling; improved plant run rates (volumes +4%), unscheduled downtime (-16%), cost (-2%); advanced BioSolutions and biologics production agreements |
External Roles
Not disclosed in 2024/2025 proxy and 10-K filings for Mr. Cuddy .
Fixed Compensation
Multi-year compensation (grant date fair values; USD):
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary | $650,004 | $660,834 | $693,840 |
| Stock Awards | $3,223,194 | $3,138,499 | $3,100,060 |
| Non-Equity Incentive (Annual Cash) | $1,067,300 | $801,733 | $351,400 |
| All Other Compensation | $177,288 | $237,598 | $242,295 |
| Total | $5,117,787 | $5,009,923 | $4,387,595 |
Annual incentive design and outcomes:
| Detail | 2023 | 2024 |
|---|---|---|
| Base Salary | $663,000 | $700,008 |
| Target Bonus (% of Salary) | 100% | 100% |
| Company Performance Payout (pre-discretion) | 95.9% of target (driven by adj. EBITDA, strategic goals, ROIC modifier) | 30.4% of target (adj. EBITDA; ROIC modifier 0.925) |
| Discretion Applied to Company Portion | Not specified for 2023 | Negative discretion: company portion halved to 15.2% for Cuddy |
| Individual Performance Component (% of Program) | 25% of program; rated at 25% | 25% of program; rated at 35% |
| Cash Bonus Payout (% of Target) | 120.9% | 50.2% |
| Actual Award | $801,733 | $351,400 |
Performance Compensation
2024 PSU program (granted in March 2024; 3-year performance period 2024–2026):
| Metric | Weight | No Payout | 50% Payout | 100% Payout | 150% Payout | 200% Payout |
|---|---|---|---|---|---|---|
| Average Adjusted ROIC | 50% | <7.0% | 9.0% | 10.0% | 11.0% | ≥12.0% |
| Cumulative Adjusted EPS | 50% | <$15.00 | $17.00 | $18.50 | $19.00 | $19.50 |
| ESG Modifier (Strive 35) | ±10% | Water savings (±5%) and GHG reduction (±5%) per committee discretion | — | — | — | — |
2022 PSU payout (performance period 2022–2024; vested Feb 10, 2025):
| Executive | Target 2022 PSUs | Actual Earned |
|---|---|---|
| Christopher M. Cuddy | 25,025 | 14,014 (reflects 50% reduction via committee discretion) |
Program structure and vesting:
- PSUs vest at end of three-year period based on metrics above; RSUs vest one-third annually over three years; double-trigger change-in-control accelerates vesting; death accelerates RSU vesting and vests PSUs at target; retirement/disability continue original schedule .
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficial Ownership (Common Shares) | 294,596 shares |
| Options Exercisable Within 60 Days | None disclosed for Cuddy |
| Unvested RSUs (do not vest within 60 days) | 47,283 |
| Unvested PSUs (target outstanding) | 30,790 for 2024–2026; 23,077 for 2023–2025 |
| Ownership Guidelines | 4x base salary for NEOs |
| Actual Ownership Multiple | 20.5x (as of March 14, 2025) |
| Hedging/Pledging | Prohibited (no shares subject to pledge) |
| Ownership as % of Shares Outstanding | ~0.06% (=294,596 / 480,155,676) |
Planned RSU vesting schedule (selected future tranches):
| Vest Date | Shares |
|---|---|
| Feb 9, 2025 | 5,077 |
| Feb 10, 2025 | 16,683 |
| Mar 18, 2025 | 6,980 |
| Feb 9, 2026 | 5,077 |
| Mar 18, 2026 | 6,774 |
| Mar 18, 2027 | 6,773 |
Stock awards vested and value realized (FY2024):
- Shares acquired on vesting: 48,514; value realized on vesting: $2,469,675 .
Employment Terms
- No employment contract; senior executives covered by a severance policy guideline (not contractual); companywide policy disallows guaranteed annual bonuses; double-trigger change-in-control accelerates equity; clawback policy adopted (NYSE-compliant) .
- Clawback: recovery of incentive-based compensation in case of accounting restatement; no erroneously awarded compensation identified for 2023/2024 restatements per committee assessment .
- Equity award agreements include non-competition, non-solicitation, confidentiality restrictions (forfeiture/clawback upon breach) .
Performance & Track Record
- 2024 Carbohydrate Solutions execution: achieved third-best performance year in North America Starches & Corn Syrups and second-best ever in Global Wheat Milling; volumes +4%, downtime -16%, costs -2%; BioSolutions volume +10%; biologics production agreement at Decatur Bio II facility .
- 2023 execution (prior year context): record earnings in North America Starch & Corn Syrups and Global Wheat Milling; BioSolutions YoY revenue +$268M, contribution margin +20%; strategic partnerships in sustainable products and decarbonization initiatives .
Pension & Perquisites
| Benefit | Amount (2024) |
|---|---|
| Present Value – ADM Retirement Plan | $581,073 |
| Present Value – ADM Supplemental Retirement Plan | $868,160 |
| Selected Perquisites and Other Items | Health/life premiums & imputed insurance: $16,650; executive healthcare services provided; dividend equivalents on unvested RSUs/PSUs: $194,054; matching charitable gifts: $10,000; 401(k) contributions: $17,250 |
Compensation Structure Analysis
- Mix and risk: 2024 target equity was 60% PSUs and 40% RSUs; PSUs tied to multi-year adjusted ROIC and cumulative adjusted EPS with ESG modifier; annual cash incentive centered on adjusted EBITDA and ROIC modifier (company portion 75% in 2024), with committee discretionary adjustments applied amid the Nutrition segment investigation .
- Committee exercised negative discretion on both 2024 annual cash company component and 2022 PSUs earned for select NEOs (including Cuddy), halving the payout on the company portion and PSUs, reinforcing accountability at the institutional level .
- 2025 program simplification: reduced adjusted EBITDA weight to 50%, introduced adjusted FCF (20%) and cash conversion cycle (5%); removed ROIC modifier and Strive 35 PSU modifier, focusing on core financial metrics .
Related Party Transactions
- Cuddy family employment: brother employed as vice president; total compensation ~$385,000; reviewed by Audit Committee and deemed fair .
- Flatland Farms transactions: ADM purchased ~$280,000 grain and sold ~$4,100 products to Flatland Farms, sole proprietorship of Christopher Cuddy; reviewed by Audit Committee and deemed fair .
Say‑on‑Pay & Shareholder Feedback
- Say‑on‑Pay approval: ~87% support at 2024 annual meeting .
- Stockholder engagement: broad outreach in late 2024/early 2025; topics included risk oversight, compensation, sustainability, and remediation progress .
Equity Ownership & Governance Safeguards
- Robust ownership guidelines (4x salary for NEOs) with Cuddy at 20.5x; prohibitions on hedging/pledging; clawback policy; double-trigger vesting under change-in-control; no tax gross-ups .
Investment Implications
- Alignment and retention: High ownership multiple and multi-year PSU weighting align incentives with long-term ROIC/EPS delivery; upcoming RSU tranches represent predictable supply that can modestly increase insider transaction activity around vest dates but pledging/hedging prohibitions limit misalignment risk .
- Governance discipline: Committee’s negative discretion on 2024 bonuses and 2022 PSUs indicates willingness to tighten pay-for-performance amid control remediation, reducing pay inflation risk and reinforcing accountability signals to investors .
- Execution lever: Carbohydrate Solutions’ operational improvements and BioSolutions expansion are consistent with ADM’s strategy to drive productivity and margin; sustained PSU metrics (ROIC/EPS) put quantitative guardrails on value creation expectations for Cuddy’s segment contributions .