Patricia A. Woertz
Encyclopedia
Patricia Ann Woertz became CEO
of Archer Daniels Midland
in 2006, beating out 4 other competitors. Formerly an Executive Vice President at Chevron Corporation
, Woertz left to pursue CEO opportunities. In an interview with Fortune
Magazine, she characterized herself as an outsider at ADM: "I'm outside the company, outside the industry, outside the family, outside the gender expectations."
Born in Pennsylvania
in 1953, she studied accounting at Penn State University, graduating in 1974. She first worked for Ernst & Young
in Pittsburgh, then moved to Gulf Oil
, an Ernst & Young client. There she rose steadily through the ranks, with a stint in Vancouver, British Columbia, to become President of Chevron International and ultimately Executive Vice President of Chevron's global downstream operations. At ADM, she is expected to focus on ethanol
and biofuel
s.
As CEO of ADM, in 2010, Woertz was ranked the 3rd most powerful women by Fortune magazine. In 2009, with a rank of 93, Woertz was the top-ranking woman on the Fortune 500's
list of top CEOs. Also in 2009, Forbes
ranked Woertz as the 26th most powerful woman in the world.
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of Archer Daniels Midland
Archer Daniels Midland
The Archer Daniels Midland Company is a conglomerate headquartered in Decatur, Illinois. ADM operates more than 270 plants worldwide, where cereal grains and oilseeds are processed into products used in food, beverage, nutraceutical, industrial and animal feed markets worldwide.ADM was named the...
in 2006, beating out 4 other competitors. Formerly an Executive Vice President at Chevron Corporation
Chevron Corporation
Chevron Corporation is an American multinational energy corporation headquartered in San Ramon, California, United States and active in more than 180 countries. It is engaged in every aspect of the oil, gas, and geothermal energy industries, including exploration and production; refining,...
, Woertz left to pursue CEO opportunities. In an interview with Fortune
Fortune (magazine)
Fortune is a global business magazine published by Time Inc. Founded by Henry Luce in 1930, the publishing business, consisting of Time, Life, Fortune, and Sports Illustrated, grew to become Time Warner. In turn, AOL grew as it acquired Time Warner in 2000 when Time Warner was the world's largest...
Magazine, she characterized herself as an outsider at ADM: "I'm outside the company, outside the industry, outside the family, outside the gender expectations."
Born in Pennsylvania
Pennsylvania
The Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...
in 1953, she studied accounting at Penn State University, graduating in 1974. She first worked for Ernst & Young
Ernst & Young
Ernst & Young is one of the largest professional services networks in the world and one of the "Big Four" accountancy firms, along with Deloitte, KPMG and PricewaterhouseCoopers ....
in Pittsburgh, then moved to Gulf Oil
Gulf Oil
Gulf Oil was a major global oil company from the 1900s to the 1980s. The eighth-largest American manufacturing company in 1941 and the ninth-largest in 1979, Gulf Oil was one of the so-called Seven Sisters oil companies...
, an Ernst & Young client. There she rose steadily through the ranks, with a stint in Vancouver, British Columbia, to become President of Chevron International and ultimately Executive Vice President of Chevron's global downstream operations. At ADM, she is expected to focus on ethanol
Ethanol
Ethanol, also called ethyl alcohol, pure alcohol, grain alcohol, or drinking alcohol, is a volatile, flammable, colorless liquid. It is a psychoactive drug and one of the oldest recreational drugs. Best known as the type of alcohol found in alcoholic beverages, it is also used in thermometers, as a...
and biofuel
Biofuel
Biofuel is a type of fuel whose energy is derived from biological carbon fixation. Biofuels include fuels derived from biomass conversion, as well as solid biomass, liquid fuels and various biogases...
s.
As CEO of ADM, in 2010, Woertz was ranked the 3rd most powerful women by Fortune magazine. In 2009, with a rank of 93, Woertz was the top-ranking woman on the Fortune 500's
Fortune 500
The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks the top 500 U.S. closely held and public corporations as ranked by their gross revenue after adjustments made by Fortune to exclude the impact of excise taxes companies collect. The list includes publicly and...
list of top CEOs. Also in 2009, Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
ranked Woertz as the 26th most powerful woman in the world.
Compensation
While CEO of Archer Daniels Midland in 2009, Patricia A. Woertz earned a total compensation of $14,689,022, which included a base salary of $1,300,000, a cash bonus of $2,040,384, stocks granted of $4,919,563, options granted of $6,356,267, and other compensation totaling $72,807.External links
- About Patricia Woertz ADM web site
- The Outsider Fortune, October 2006
- Patricia Woertz and the New (Old) Thing RyanBlitstein.com June 4, 2009