ADM elects new president; says a former exec won't return

DECATUR, Ill. (AP) -- Archer Daniels Midland Co. has elected Paul Mulhollem to be its new president and the company has reiterated its previous indications not to allow the return of a former executive convicted years ago of price fixing.

Mulhollem replaces John McNamara, who the company said resigned to pursue personal interests. Mulhollem has served in several managerial roles since joining ADM in 1992.

Meanwhile, Michael Andreas, who is serving a three-year prison term for his role in an international price-fixing scandal, was released Wednesday from a federal prison in Minnesota to a halfway house at an undisclosed location, said Federal Bureau of Prisons spokesman Daniel Dunne.

"(Andreas) will not be returning to the company in any capacity," ADM spokesman Larry Cunningham said.