Kraft Foods Inc. said on Monday its chief financial officer will step down in mid-2011 and be replaced by the executive who oversees the food maker's operations. Timothy McLevish, 55, will transfer CFO responsibilities to David Brearton, current executive vice president of operations, after Kraft posts first-quarter results in May. Kraft said McLevish was stepping down to pursue opportunities in general management. A Kraft spokesman declined to elaborate. "Given the fact it is occurring in the heart of the Cadbury integration is not comforting," said Stifel Nicolaus analyst Christopher Growe. "However the heavy lifting of undertaking the acquisition, improving the financial metrics of the balance sheet and setting out the synergy targets have all been accomplished. Growe said Brearton "seems well positioned" for the the task of deriving cost savings from the deal. Brearton, who joined Kraft in 1984 will receive a base salary of $650,000. Kraft said it has begun searching for Brearton's replacement. Reuters
LeaderShift Blog
LeaderShift Blog
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Kraft CFO to step down; operations exec to take job
Kraft CFO to step down; operations exec to take job
Unilever Names Coke Vet Mathieu as No. 2 Global Marketing Executive
Unilever Names Coke Vet Mathieu as No. 2 Global Marketing Executive
Appointment of Branding/Sustainability Consultant Rounds out CMO Keith Weed's TeamUnilever has named former Coca-Cola Co. marketer Marc Mathieu as its No. 2 global marketing executive, reporting to Global Marketing and Communications Officer Keith Weed, rounding out a redesign of the global marketing team for the world's second-biggest advertising spender.Mr. Mathieu, 51, whom Mr. Weed credits with helping turn around Coca-Cola by developing the "Coke Side of Life" branding platform and launching Coke Zero last decade as VP-global branding, will join Unilever April 1. He will oversee Unilever's global corporate branding effort; marketing training, including the Unilever Marketing Academy; marketing services; agency relations; and return on marketing investment. VPs over those areas will report to him.For the past three years has led Atlanta-based BeDo, a strategic marketing consultancy. BeDo focuses on sustainability issues and has had Johnson & Johnson, Danone, Coca-Cola, Levis and Club Med as clients. Among projects the firm has launched has been The Hoop, a micro-lending venture for fair-trade producers and brands.That dovetails with Unilever's own sustainability efforts and with Mr. Mathieu's new charge in helping Unilever double sales while reducing overall environmental impact by 2020, said Mr. Weed, who also oversees the company's sustainability efforts."I wanted to get some heavyweight marketers in my top team," Mr. Weed said in an interview. "And the fact that we were able to get someone like him says a lot about the progress we've made and the momentum we've got and the progress we're making in innovation in the marketing area."Mr. Mathieu is the last of five senior VPs Mr. Weed has appointed since taking his post last year. He joins Gavin Neath (sustainability), Sue Garrard (communications), Richard Davies (consumer and market insight) and Luis Di Como (global media), the latter having recently been named to succeed Laura Klauberg in that post. Three of the five came from within Unilever, but Ms. Garrard, previously with the U.K.'s Department for Work and Pensions, like Mr. Mathieu came from outside."I've got a balance between internal hires and external hires to bring diversity of thought," Mr. Weed said, adding that he considered internal and external candidates for each of the posts.Mr. Mathieu's experience in branding and sustainability along with Unilever putting sustainability under the marketing organization is something Mr. Weed sees as part of a trend."Having sustainability led by an environmentalist in a small department by itself was never going to get the sort of traction we need in this world to get true innovation in the area," he said.About Hunt Executive Search, Inc.Hunt Executive Search is the preeminent supplier of "A" player human capital to the Consumer Goods, Specialty Chemical, Life Science, Packaging and Professional Service industries.Through retained executive search services for these clients we place executives in CXO, General Management, and EVP/SVP/VP functional leadership in Sales, Marketing, Product Supply, Manufacturing, R&D, Finance and Human Resources.With 70 Offices in 30 Countries ♦ Americas ♦ EMEA ♦ Asia Pacific ♦ and our affiliation with IRC Global Executive Search Partners, we stand ready to serve our clients in virtually any global market with consistent world class levels of service and results."Boutique executive search services with best in class global network, contacts and market mastery."Website: http://www.huntsearch.com
Levi's Brand Appoints Rebecca Van Dyck Global CMO
Levi's Brand Appoints Rebecca Van Dyck Global CMO
Levi's Brand Appoints Rebecca Van Dyck Global CMO
The Levi's brand appoints Rebecca Van Dyck as its global Chief Marketing Officer. As global CMO of the Levi's brand, Van Dyck will be responsible for the development and implementation of fully integrated marketing strategies across all of the Levi's brand's product categories and consumer communication channels. She joins the company from Apple, Inc. where she led the worldwide marketing and communications strategies for some of the world's most well-known and admired product launches, including introducing the iPhone, iPad and iPod + iTunes.
"Becca is a world-class marketer whose deep understanding of consumer behavior and innovative approach to engaging with consumers will help take the Levi's brand to the next level," says Robert Hanson, president of the global Levi's® brand. "Her proven success in creating and managing consistent and disciplined marketing experiences across diverse geographies and cultures will be a tremendous asset."
"Levi's is one of the world's most innovative and iconic brands and I am looking forward to building upon its heritage," says Van Dyck.
Van Dyck brings 20 years of marketing and advertising experience to the Levi's brand. Prior to serving as Senior Director of Worldwide Marketing and Communications for Apple, she was a primary architect of Nike's "Just Do It" campaign. During her tenure as Nike's Global Account Director at Wieden + Kennedy, she managed the Nike account across three continents and led Nike's Global World Cup and Olympic Campaigns. Van Dyck has also held a series of international appointments including founding Wieden + Kennedy's Melbourne office.
StarKist Co. Names New President, CEO
StarKist Co. Names New President, CEO
StarKist Co. Names New President, CEO
StarKist Co., a producer, distributor and marketer of shelf-stable seafood products in the United States, announces that In-Soo Cho is named the company's new President and Chief Executive Officer. Cho assumes his new office on March 1, 2011.A professional with more than 30 years of experience, Cho is a leader who has studied, lived and worked in four continents. He has held senior management positions in consumer packaged goods and the restaurant industry, and brings a wealth of experience related to business development and start-up operations in international markets.Before coming to StarKist, Cho was the principal of his own consulting firm, Insight & Strategy Co., with a focus on consumer goods and the restaurant industry. In addition, he was an investor, advisor and director of several companies and private equities. Prior to that, Cho worked for Yum Restaurants International (YRI) from 1997-2008, where he held a number of positions including President, Pizza Hut Korea; Chairman, KFC Japan Board of Directors in Tokyo; Board Member, Pizza Hut UK in London and Chief Marketing Officer, Senior Vice President, YRI in Dallas.Cho also worked for Procter & Gamble from 1984-1997, where he began his brand management career and worked in its operations in Switzerland, the United States, Korea and Japan.
Under Armour Names New Executives
Under Armour Names New Executives
Under Armour Names New Executives
Completing an extensive search to fill a top leadership position, Under Armour announces that Mark Dowley is joining Under Armour as Executive Vice President, Global Brand and President of International, effective Feb. 1, 2011. Additionally, Kip Fulks has expanded his role and is now serving as the Executive Vice President of Product where he will oversee all of the company's products. Dowley and Fulks will report to Kevin Plank, Founder and CEO of Under Armour.Dowley has extensive experience with over 20 years of global marketing expertise, including his most recent position as CEO of William Morris Endeavor Marketing, providing client management in entertainment and marketing services for major global brands. Dowley's previous leadership positions included CEO of Interpublic Sports and Entertainment Group, Vice Chairman of McCann-Erickson World Group and CEO of Momentum Worldwide. As Executive Vice President of Global Brand, Dowley will oversee Brand Marketing, Sports Marketing, Consumer Insights and Strategy. As President of International, Dowley will oversee the International businesses which include Europe, Asia and the Americas. Peter Mahrer, President and Managing Director of Under Armour Europe, has left the company having played a significant role in building Under Armour's European business and growing the EMEA business.Fulks has been with Under Armour since its inception. He led the company's sourcing operation for a number of years, including serving as Senior Vice President of Sourcing, Quality Assurance and Product Development. He most recently served as Senior Vice President of Outdoor and Innovation. As Executive Vice President of Product, Fulks will oversee the Apparel, Footwear, Accessories, Innovation, and Outdoor business units.
Liz Claiborne Names Edgar Huber EVP, Global Business Development
Liz Claiborne Names Edgar Huber EVP, Global Business Development
Liz Claiborne Names Edgar Huber EVP, Global Business DevelopmentLiz Claiborne Inc announces that Edgar Huber, chief executive officer of Juicy Couture, assumes a new position as Executive Vice President of Global Business Development for Liz Claiborne Inc. He will continue to report to William L. McComb, chief executive officer, Liz Claiborne Inc. LeAnn Nealz, president and chief creative officer, and John DeFalco, chief financial officer and chief operations officer, will jointly manage the Juicy Couture business while the leadership structure for the brand going forward is determined.Commenting on the announcement, McComb, says, “This move reflects the company's significant opportunities for global expansion of its key brands, including Juicy Couture, Kate Spade, Lucky Brand Jeans and Liz Claiborne. Edgar's considerable experience in global licensing and business development will bring focused oversight to, and accelerate, our international efforts, many underway already, in 2011.”“Under Edgar’s leadership Juicy Couture saw significant retail and international expansion opening 46 retail stores including four stores in the UK; and entered partnerships in Russia, Brazil, Greece, Spain and the Middle East as well as in travel retail,” McComb continues. “Now, as Juicy Couture enters the next phase of its growth, we plan to enhance our retail operations and continue its expansion as a lifestyle brand.”About Hunt Executive Search, Inc.Hunt Executive Search is the preeminent supplier of "A" player human capital to the Consumer Goods, Specialty Chemical, Life Science, Packaging and Professional Service industries.Through retained executive search services for these clients we place executives in CXO, General Management, and EVP/SVP/VP functional leadership in Sales, Marketing, Product Supply, Manufacturing, R&D, Finance and Human Resources.With 70 Offices in 30 Countries ♦ Americas ♦ EMEA ♦ Asia Pacific ♦ and our affiliation with IRC Global Executive Search Partners, we stand ready to serve our clients in virtually any global market with consistent world class levels of service and results."Boutique executive search services with best in class global network, contacts and market mastery."Website: http://www.huntsearch.com
Former Pfizer Exec Erica Mann Named President Bayer Consumer
Former Pfizer Exec Erica Mann Named President Bayer Consumer
Former Pfizer Exec Erica Mann Named President Bayer Consumer
Bayer HealthCare LLC announces the appointment of Erica L. Mann as the new President of its Consumer Care Division, a global business, with operations in more than 140 countries and 2009 net sales of EUR 3,080 million. Mann also becomes a member of the Bayer HealthCare Executive Committee. She will join the company effective March 14, 2011.Mann most recently served as President and General Manager of Pfizer Nutritional Health, a global business unit with operations in more than 80 countries, and was a member of the Pfizer Senior Management Team.Mann joined Pfizer upon its acquisition of Wyeth, where as Senior Vice President, Nutrition, she helped establish the shape and strategic direction of the new nutrition business unit, and, as Managing Director, Wyeth Australia & New Zealand, introduced a range of significant medicines and nutritionals. Mann also led Wyeth's Pharmaceutical business in South Africa for over a decade as Managing Director and Chief Executive Officer, and holds the distinction of being the first female CEO of a pharmaceutical company in that country.
In addition, she has held executive positions in several industry organizations, including the South African Pharmaceutical Manufacturers' Association and Medicines Australia, as well as the International Association of Infant Food Manufacturers. Earlier in her career, she held positions of increasing responsibility at Lederle Laboratories, Johnson & Johnson and Eli Lilly & Company.The Consumer Care Division of Bayer was formed in 1995 and has become the No. 2 OTC company in the world, and the division has also seen significant growth and development of its Intendis prescription dermatology business.About Hunt Executive Search, Inc.Hunt Executive Search is the preeminent supplier of "A" player human capital to the Consumer Goods, Specialty Chemical, Life Science, Packaging and Professional Service industries.Through retained executive search services for these clients we place executives in CXO, General Management, and EVP/SVP/VP functional leadership in Sales, Marketing, Product Supply, Manufacturing, R&D, Finance and Human Resources.With 70 Offices in 30 Countries ♦ Americas ♦ EMEA ♦ Asia Pacific ♦ and our affiliation with IRC Global Executive Search Partners, we stand ready to serve our clients in virtually any global market with consistent world class levels of service and results."Boutique executive search services with best in class global network, contacts and market mastery."Website: http://www.huntsearch.com
Sanofi Buys Genzyme for Over $20 Billion
Sanofi Buys Genzyme for Over $20 Billion
Sanofi Buys Genzyme for Over $20 Billion
SA acquired Genzyme Corp. for $74 a share, or a total of $20.1 billion plus a contingent value right, in a giant step toward reshaping the company for future business.Sanofi-Aventis said the boards of both companies have approved the deal. After Sanofi initially considered trying to obtain a slightly lower price, the parties largely agreed to the broad terms that they originally negotiated when Sanofi was given access to Genzyme's financial books on Jan. 31.As part of that broad agreement, Sanofi agreed to raise its offer from $69 a share to about $74 a share in cash. Genzyme investors will also receive a so-called contingent value right, or CVR, that entitles them to additional payments if the company meets certain sales goals. The CVR, which investors will be able to trade on a stock exchange, will have an initial trading value of at least $2 a share, people familiar with the matter said."At around $20 billion this is the second biggest deal in biotechnology in history and of course this was very much at the root of the strategy behind this transaction—our objective was to extend and accelerate the company's reach into biotechnology," Sanofi Chief Executive Chris Viehbacher said in a conference call with journalists on the deal.After Sanofi finished its due diligence on Genzyme, Sanofi executives pushed to change some of the original terms, and therefore some of the criteria for the CVR have been adjusted.The CVR will have an eventual value of between $5 and $6 a share if Genzyme meets sales targets for a drug used to treat leukemia, which is also being tested against multiple sclerosis. The future payments could be worth as much as $14 a share over the long term in the best-case scenario for sales of the drug to multiple-sclerosis patients."We see everyone as a winner," Deutsche Bank said in reaction note on the deal, adding that it's "a positive outcome for Sanofi shareholders in our view and likely to result in relief that management has remained diligent in its view of the appropriate valuation."Sanofi didn't find any major issues in its examination of Genzyme's financial books and manufacturing facilities. There was a risk for Genzyme that Sanofi could discover some problems, given that the Cambridge, Mass., biotechnology firm is still recovering from manufacturing issues that temporarily shut down a Genzyme production facility in 2009.A CVR is often used when parties can't agree on price. One of the issues between Sanofi and Genzyme is their differing predictions on the sale of the multiple-sclerosis drug. Genzyme has predicted those sales could reach $3.5 billion in 2017, a projection Sanofi has said is too optimistic.Sanofi has been pursuing Genzyme for months, but the biotechnology firm had refused to talk to Sanofi because of its $69 a share offer, which Genzyme said was too low. In August, Sanofi made an unsolicited bid for Genzyme, and went hostile with its offer in October.Some of Sanofi's biggest products, including the cancer drug Taxotere and the blood-thinner Lovenox, have lost sales to generic rivals, while another big drug, the blood thinner Plavix, is expected to confront generic competition in 2012. Plavix accounted for about 9% of Sanofi's $40 billion in sales last year.Genzyme's biotech drugs treating rare diseases would help Sanofi plug its impending revenue gap. Genzyme had $4 billion in product revenue in 2009.In just over two years running Sanofi, Mr. Viehbacher has focused on both cutting costs internally by reducing projects under development and building up future sources of revenues by striking up partnerships for research projects or buying up other companies outright.As part of its quest to find new sources of revenues to offset impending losses from patent expires on key products, Sanofi has concentrated on serving emerging markets, bulking up its offer of over-the-counter goods and increasing its presence in generic drugs. The deal is the biggest since the French pharmaceutical giant was formed by the acquisition of Aventis in 2004, in a multi-billion euro deal.The French company plans to proceed immediately with the integration of Genzyme, which will form the center of the combined group's rare diseases business. A joint integration steering committee will be co-chaired by Viehbacher and Henri Termeer, who will resign as Chairman and Chief Executive of Genzyme when the transaction is completed.About Hunt Executive Search, Inc.Hunt Executive Search is the preeminent supplier of "A" player human capital to the Consumer Goods, Specialty Chemical, Life Science, Packaging and Professional Service industries.Through retained executive search services for these clients we place executives in CXO, General Management, and EVP/SVP/VP functional leadership in Sales, Marketing, Product Supply, Manufacturing, R&D, Finance and Human Resources.With 70 Offices in 30 Countries ♦ Americas ♦ EMEA ♦ Asia Pacific ♦ and our affiliation with IRC Global Executive Search Partners, we stand ready to serve our clients in virtually any global market with consistent world class levels of service and results."Boutique executive search services with best in class global network, contacts and market mastery."Website: http://www.huntsearch.com
Canada Bread to sell sandwich business
Canada Bread to sell sandwich business
Canada Bread to sell sandwich business
Canada Bread said it agreed to sell its fresh prepared sandwich business to Premium Brands Holding Corp to focus on its core fresh bakery and pasta businesses.Canada Bread, which is 90 percent owned by Maple Leaf Foods Inc , said the transaction is expected to close on Feb 18. The value of the deal was not disclosed.The fresh prepared sandwich business, which includes production and distribution facilities in Ontario and Quebec, employs about 280 people, Canada Bread said in a statement.Upon completion of the sale, Canada Bread and Maple Leaf will supply bakery and deli meat products for the sandwich business operations, it added.In a separate statement, Premium Brands said the transaction is expected to have a small negative impact on its 2011 EBITDA. It also expects to incur an additional C$6 million ($6.01 mln)to C$7 million in capital and restructuring related costs.Last month, Canada Bread had said it would close its frozen bakery facility in Laval, Quebec and take a related pretax charge of about C$5.8 million.Shares of the Toronto-based Canada Bread closed at C$46.31, while those of Premium Brands closed at C$15.70 on Friday on the Toronto Stock Exchange.About Hunt Executive Search, Inc.Hunt Executive Search is the preeminent supplier of "A" player human capital to the Consumer Goods, Specialty Chemical, Life Science, Packaging and Professional Service industries.Through retained executive search services for these clients we place executives in CXO, General Management, and EVP/SVP/VP functional leadership in Sales, Marketing, Product Supply, Manufacturing, R&D, Finance and Human Resources.With 70 Offices in 30 Countries ♦ Americas ♦ EMEA ♦ Asia Pacific ♦ and our affiliation with IRC Global Executive Search Partners, we stand ready to serve our clients in virtually any global market with consistent world class levels of service and results."Boutique executive search services with best in class global network, contacts and market mastery."Website: http://www.huntsearch.com
Del Monte to Names Vestar's Neil Harrison Interim CEO
Del Monte to Names Vestar's Neil Harrison Interim CEO
Del Monte to Names Vestar's Neil Harrison Interim CEO
Del Monte Foods Co. plans to pull an interim chief executive from the ranks of one of the private-equity firms slated to buy it, as the company's search for a permanent leader continues.
The maker of pantry staples and pet food is in the midst of a $4 billion acquisition by private-equity firms Kohlberg Kravis & Roberts Co., Vestar Capital Partners and Centerview Partners. The $19-a-share deal, which also includes $1.3 billion in assumed debt, is likely to close in March.
Vestar's Neil Harrison will be named interim CEO upon the expected closing of the transaction, and will also get a seat on the company's board, according to a letter by Del Monte Chairman and Chief Executive Richard Wolford that was disclosed in a regulatory filing Thursday. The search for a permanent successor for Mr. Wolford remains under way.
Prior to his current role as a senior adviser at the private-equity firm, Mr. Harrison was chief executive and chairman at Vestar holding Birds Eye Foods Inc., a producer of frozen vegetables and processed food products. Earlier, he led H.J. Heinz Co.'s North American operations.
The Wall Street Journal reported Tuesday that Del Monte is unlikely to complete the CEO search before the buyout closes, citing a person familiar with the situation. The company is looking for a food industry veteran with corner-office experience, the report said.
Del Monte shares recently traded unchanged at $18.95. The stock has gained about 62% the past year.
About Hunt Executive Search, Inc.Hunt Executive Search is the preeminent supplier of "A" player human capital to the Consumer Goods, Specialty Chemical, Life Science, Packaging and Professional Service industries.Through retained executive search services for these clients we place executives in CXO, General Management, and EVP/SVP/VP functional leadership in Sales, Marketing, Product Supply, Manufacturing, R&D, Finance and Human Resources.With 70 Offices in 30 Countries ♦ Americas ♦ EMEA ♦ Asia Pacific ♦ and our affiliation with IRC Global Executive Search Partners, we stand ready to serve our clients in virtually any global market with consistent world class levels of service and results."Boutique executive search services with best in class global network, contacts and market mastery."Website: http://www.huntsearch.com
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