Universal Corp. names CFO after withdrawing offer to another

Universal Corp. promoted Steven S. Diel to senior vice president and chief financial officer, effective April 1, the global tobacco producer headquartered in Richmond announced Monday.

It’s not the typical promotion, however. On Jan. 21, Universal named Anubhav Mittal, a former CFO of two business segments of Archer-Daniels-Midland, as the company’s new SVP and CFO. A week later, on Jan. 28, Universal withdrew its offer of employment, according to a filing with the U.S. Securities and Exchange Commission.

The filing did not cite a reason behind the parting of ways. The withdrawal came one day following the SEC’s announcement that it had filed a lawsuit against Vikram Luthar, ADM’s CEO, “for materially inflating the performance of its nutrition business segment.”

Mittal is not named in the SEC’s news release about the suit. He had previously served as CFO of ADM Nutrition and of ADM Global Pet Solutions business, according to Universal’s January news release announcing his hiring.

Diel, who has served as Universal’s vice president of business development since 2018, succeeds Johan C. Kroner, who joined the company in 1993 and has served as senior vice president and CFO since 2018. Kroner will remain with the company through his July 1 retirement, which was announced last year.

As vice president of business development, Diel led the company’s financial planning and analysis and corporate development functions and was responsible for acquisitions totaling more than $350 million.

“Steve is a trusted Universal leader with significant financial expertise, a strong command of our business, and a proven record of strategic execution,” Universal Chairman, President and CEO Preston D. Wigner said in a statement.

Diel brings more than a quarter century of experience in finance, corporate development and business strategy to the role. Most recently, he worked as CFO at EliteFTS.com, a strength training products and services company. He was also previously senior manager of financial planning and analysis at Chicago Bridge & Iron, a Texas-based designer and builder of storage facilities, tanks and terminals.

He earned an MBA at Indiana University.

Also on Monday, Universal announced its third-quarter 2026 results. Revenue for the quarter, which ended Dec. 31, 2025, was $861 million, down $76 million from the same quarter the previous year.

“Results for the quarter reflected market headwinds and higher fixed costs from the significant investments we have made,” Wigner said in a statement. “We remain focused on converting customer interest into sales and advancing the growth of our solutions-based portfolio.”

Universal has more than 28,500 employees operating in more than 30 countries across five continents.