NEW YORK (AP) — Agribusiness giant Archer Daniels Midland Co. is promoting its president and chief operating officer to CEO as Patricia Woertz steps down after more than eight years at the helm.

ADM said Thursday that Juan Luciano will take over as CEO on Jan. 1. Woertz will remain chairman of the company. ADM said that she expects to retire in May 2016.

The Chicago-based company processes corn and wheat and makes agricultural products like vegetable oil, ethanol and ingredients used in packaged foods and drinks.

Woertz became ADM's CEO in April 2006 and has been chairman since February 2007. Since she came on board, ADM's revenue has more than doubled. It reported almost $90 billion in sales in 2013. Earlier this year, it entered the natural flavors business by acquiring Switzerland's Wild Flavors for $3.13 billion, including debt.

Luciano has been COO since 2011 and was promoted to president in February, taking over that title from Woertz. The Chicago-based company described the moves as a succession plan.

Shares of Archer Daniels Midland fell 9 cents to $50.21 in late morning trading. The stock has added 16 percent this year.