ADM Names New Chief

Chevron's Patricia Woertz is named CEO.
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Archer Daniels Midland

(ADM) - Get Report

, the Illinois-based processor of corn and seeds, named

Chevron

(CVX) - Get Report

Executive Vice President Patricia A. Woertz to serve as the company's new president and chief executive.

G. Allen Andreas will remain the chairman of ADM's board. Woertz, 53, was most recently in charge of Chevron's downstream operations, including refining and marketing.

"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 is the eighth CEO in the 104-year history of ADM. She will also join the company's board. Andreas has been with ADM since 1973, starting as a member of the legal department. He has been the company's CEO since 1997 and its chairman since 1999.

Shares of ADM were rising 12 cents, or 0.3%, to $36.31.