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Del Monte Foods announces Neil Harrison as interim CEO
2/10/2011

Del Monte Foods announces Neil Harrison as interim CEO

Del Monte Foods announces Neil Harrison as 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
Colgate Is Possible $55 Billion Unilever Target
2/8/2011

Colgate Is Possible $55 Billion Unilever Target

Colgate Is Possible $55 Billion Unilever Target

Unilever, the world’s second-largest consumer-goods company, should seek to acquire Colgate-Palmolive Co. to boost sales growth in emerging markets and expand its personal-care unit, according to analysts at UniCredit SpA.

Colgate, the maker of Ajax cleaners, would probably cost about $55 billion, Nicolas Sochovsky, a London-based analyst at UniCredit, wrote in a note dated Feb. 7. That’s 50 percent more than the current market value of $36.8 billion.

Trading at less than 9 times earnings before interest, tax, depreciation and amortization, Colgate stock is as cheap as it has been in a decade, Sochovsky wrote.

Acquisitions are one of the quickest ways for Unilever to achieve its aim of doubling revenue, according to Sochovsky. Buying Colgate “would accelerate the portfolio shift to personal care, consolidate Unilever’s emerging market strength, provide scale in the U.S.” and increase margins, he said.

Under the leadership of Chief Executive Officer Paul Polman, Unilever aims to increase sales by expanding further into emerging markets to offset a difficult consumer environment in western Europe and the U.S. The maker of Dove soap and Knorr soup is shifting its focus away from food products toward faster-growing health and personal care goods.

Polman, the first outsider to lead the London- and Rotterdam-based company, has spent 3.9 billion euros ($5.3 billion) on five acquisitions in the last 18 months, UniCredit said. These include Alberto Culver Co., which added haircare brands including TRESemme and Nexxus, and Sara Lee Corp.’s European shower-gel and European detergents business.

To partially finance an acquisition of Colgate, Unilever could raise 10 billion euros of equity, Sochovsky wrote. That would lead to an estimated debt-to-equity ratio of 3.7 times in the first year of the deal, he said.

To reduce debt after a takeover, Unilever would be able to sell assets such as Colgate’s Hill’s pet food operation and Unilever’s oral care operation, the analyst also said.

Unilever spokesman Trevor Gorin declined to comment on the UniCredit note.

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
Coca-Cola preparing to acquire Honest Tea
2/7/2011

Coca-Cola preparing to acquire Honest Tea

Coca-Cola may be preparing to acquire Honest Tea

Organic beverage company Honest Tea of Bethesda may soon be a part of Coca-Cola. The behemoth corporation, which owns a 40 percent stake in the boutique brand, has an option to buy the company coming due this month.

Coke is mum on the matter, though there are signs suggesting the company is preparing for a merger. Late last month, the Federal Trade Commission granted the company antitrust approval to buy Honest Tea (acquisitions exceeding $63 million require government clearance under the Hart-Scott-Rodino Antitrust Improvements Act).

"The FTC's early termination of the HSR waiting period is certainly good news and we hope to share additional information at a later date," said Coke spokesman Scott Williamson, declining further comment.

In the three years since Coke made its $43 million investment in Honest Tea, sales of the bottled brew have skyrocketed. Once bound to the shelves of natural food depots along the coasts, the organic tea can now be found in a wide variety of outlets, even CVS stores across the country.

"We're now seeing this idea that started out of my house with some thermoses and an empty Snapple bottle, get to a national stage. So I'm eager to move forward," said Seth Goldman, who co-founded Honest Tea with Barry Nalebuff, his business professor from Yale.

Asked whether a sale is imminent, Goldman, 45, said, "When we made the decision to have them invest, the expectation was they would do it with the interest of wanting to acquire." However, he continued, "Just because they have the option doesn't mean that they'll take it, or even if they take it, that the deal closes."

Acquiring Honest Tea is a no-brainer to those following the beverage industry.

"Honest Tea is a growth company, which fits better than many of Coca-Cola's brands that were losing sales during the recession and as consumers trend toward health and wellness," said Garima Goel Lal, senior analyst at Mintel International. "It would be a good purchase."

The ready-to-drink tea category has already been a successful gamble for Coke, supporting the double-digit growth the company's noncarbonated segment recorded in the third quarter, the most recent available data at press time.

Industry-wide sales of ready-to-drink teas climbed throughout the recession while other beverage segments witnessed steady declines, according to Beverage Marketing Corp. Leading the pack was none other than Honest Tea. Trade publication Beverage Digest pegs the company's growth at 46 percent last year, compared to about 11 percent for the overall niche market.

Goldman's own estimates are a smidge higher, with gross sales, penciling in at $71 million, up 52 percent in the last year. That's quite a leap from the $23 million he said Honest Tea cleared in 2007 B.C. -- before Coke, that is.

Not that Honest Tea wasn't thriving before Coke took notice. A number of investors, including yogurt maker Stoneyfield Farm and private-equity firm Inventages Venture Capital, signed on as the brand won favor with the likes of Whole Foods.

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
Central Garden & Pet Company Names Frank Palantoni Executive Vice President, President-Pet Segment
2/7/2011

Central Garden & Pet Company Names Frank Palantoni Executive Vice President, President-Pet Segment

Central Garden & Pet Company Names Frank Palantoni Executive Vice President, President-Pet Segment

Central Garden & Pet Company, a leading innovator, marketer and producer of quality branded products for the lawn and garden and pet supplies market, today announced the appointment of Frank Palantoni as Executive Vice President, President-Pet Segment, effective February 14, 2011. Mr. Palantoni will report to William E. Brown, Central's Chairman and Chief Executive Officer. He will play a senior management role at the Company, including leadership of the Company's Pet Segment.

Since 2006, Mr. Palantoni has been chief executive officer of P3 Capital Management LLC, an advisory and private equity firm specializing in consumer goods acquisitions and product development. He previously served as president and chief executive officer of Prestige Brands, Inc. and as a senior executive of Novartis Pharmaceuticals AG, Gerber Products Company and Groupe Danone. His professional experience spans 19 years in general management, and includes international and worldwide roles, in food, baby care, household products, personal care, OTC pharmaceuticals, medical devices and insurance.
New Heineken USA CMO is ex-Kraft VP
2/4/2011

New Heineken USA CMO is ex-Kraft VP

New Heineken USA CMO is ex-Kraft VP

Heineken USA is tapping a candy marketer at Kraft Foods as its new chief marketing officer, as the nation's No. 2 beer importer seeks to rejuvenate its flagship brands.

Lesya Lysyj, a 20-year marketing veteran with extensive consumer packaged goods experience, will start on Feb. 28. She replaces Christian McMahan, who resigned at the end of last year. Ms. Lysyj most recently served as Kraft's VP-marketing for confectionary in the U.S., managing brands such as Halls and Trident, which Kraft assumed when it acquired British company Cadbury in 2010.

Ms. Lysyj was a Cadbury marketer before the merger and her departure from Kraft marks yet another exit of a legacy Cadbury employee. The departures have included Cadbury's CEO and chief financial officer -- moves that have raised questions among some analysts about Kraft's ability to absorb the company while losing so much institutional knowledge.

"As high-profile executives depart, it places further pressure and risk on Kraft to really garner the intended value of the deal," said Morningstar analyst Erin Swanson.

At Kraft, Ms. Lysyj led the "confectionary leadership team," whose responsibilities included "effectively transition[ing] the Cadbury team into the Kraft organization," according to a Heineken USA statement. As part of her role, she made decisions on inventory management and sales priorities.

At Heineken, Ms. Lysyj will oversee brands including the namesake Heineken Lager, whose sales were slumping as Mr. McMahan resigned. The brand has shown some signs of recovery, however, with volume sales finishing 2010 down only 3.3% compared with 2008 -- and better than the 8.5% drop in 2009, according to Heineken USA. The importer's Dos Equis brand has fared much better, fueled by the successful "Most Interesting Man in the World" campaign.

Heineken USA said Ms. Lysyj will be charged with "ensuring that the company effectively engages with its adult consumers at all touch points," including social media.

The agency for the Heineken and Dos Equis brands is Euro RSCG, which is expected to launch a new campaign for Heineken in the spring that is likely to include elements of Heineken International's newly launched global campaign, by Wieden & Kennedy, Amsterdam. The campaign, the brewer's first global effort in five years, makes use of a video called "The Entrance," which gained popularity on the internet and features a man charming his way into a party with over-the-top greetings.

Although Ms. Lysyj's most recent experience is in candy, she should not have a hard time adjusting to the beer business, said one analyst.

"The beer and spirits marketing industry, like any lifestyle-driven product category, looks for the best marketers bar none," said Chris Gretchko, a marketing consultant and former brand manager for Constellation Spirits. "It isn't as important that their new marketing leader comes from confections as much as it is that she is a great marketer in her own right."

Heineken USA cited Ms. Lysyj's work on the Stride gum brand, which features slick packaging and cutting-edge flavors such as "citrus to mint."

A native of Canada, Ms. Lysyj lives in New York with her husband and two children. At Heineken, "I look forward to building on an already strong marketing foundation with new, innovative ideas that will resonate with loyal fans and attract new customers to Heineken USA's already iconic brands," she said in a statement.

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
P&G consolidates 3 global business units into 2
2/2/2011

P&G consolidates 3 global business units into 2

P&G consolidates 3 global business units into 2

Procter & Gamble Co. announced a major reorganization Tuesday, consolidating its three global business divisions into two: beauty and grooming, and household care.

P&G's new global divisions: beauty and grooming, and household care.

The move comes as Robert Steele, vice chairman of P&G's $14.6 billion global health and well-being unit, plans to retire Sept. 1. Effective Tuesday, Steele will become vice chairman of P&G's health-care strategy.

As part of the management move, P&G will split its global health and well-being portfolio between its two new global business units.

Personal health care, which includes Vicks over-the-counter medication; pet care, which includes the Iams brand, and the Pringles snack business will now be run by Dimitri Panayotopoulos, who is vice chairman of P&G's global household-care business.

The oral-care business, including Crest and Oral-B brands, and the feminine-care business, including the Always and Tampax brands, will be overseen by Ed Shirley, P&G's vice chairman of global beauty and grooming.

P&G doesn't plan to name another vice chair, a person familiar with the matter said. Mr. Steele has been one of four vice chairmen.

Mr. Steele, 55, is expected to pursue other career opportunities, including a chief executive post, people familiar with the matter said. He has been with P&G for 35 years, overseeing the launch of brands including Swiffer.

The consumer-products giant last week reported lower-than-expected revenue in its fourth-quarter on continued weakness in developed markets.

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 Pilgrim's Pride CEO appointed Chief of JBS US
2/1/2011

Former Pilgrim's Pride CEO appointed Chief of JBS US

Former Pilgrim's Pride CEO appointed Chief of JBS US

Brazilian meat processor JBS SA shuffled its senior management to comply with securities regulations.

Wesley Batista will take over as chief executive of the firm from his brother, Joesley Batista, who will keep his position as chairman, JBS said Tuesday.

Wesley Batista has been at the company for 22 years, and was most recently head of the company's U.S. subsidiary. Don Jackson, the former head of Pilgrim's Pride Corp., which JBS acquired in 2009, was appointed chief executive of JBS USA.

The changes were designed to comply with stricter corporate-governance rules of the Novo Mercado, a section of Brazil's stock exchange, the BM&FBovespa. New rules bar companies from having the same person as chief executive and chairman. Companies have three years to make any necessary changes.

Thanks to an acquisition binge, JBS, based in São Paulo, has become one of the world's largest beef processors, surpassing Minnesota-based Cargill Inc. JBS owns Colorado's Swift & Co., Tasman Group of Australia and a majority stake in Italian meat packer Inalca SpA.

JBS bid against private-equity groups for control of Sara Lee Corp., but the U.S.-based food company instead chose to split into two publicly listed companies.

JBS's shares rose 1.6% Tuesday in Brazil but are down around 30% over the last 12 months amid concerns that the company has taken on too much debt in its acquisition binge.

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
Kraft appoints Sam Rovit VP of Strategy
1/12/2011

Kraft appoints Sam Rovit VP of Strategy

Kraft appoints Sam Rovit VP of Strategy

Kraft Foods Inc. said Wednesday that it has appointed Sam Rovit as its executive vice president of strategy.

Rovit is moving from business consulting firm Bain & Co., where he led a variety of divisions, including mergers and global agribusiness.

He left Bain in 2005 to become CEO of meat processor Swift and Co. After reportedly turning Swift around in the wake of sales declines and federal immigration actions, he returned to Bain when Swift was bought by Brazilian meat industry giant JBS SA in 2007. He has written journal articles and co-authored the book "Mastering the Merger" with another Bain director.

Rovit, 52, will succeed Michael Osanloo on Jan. 29. Osanloo is becoming president of Kraft Foods' grocery business in North America.

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
DuPont to Acquire Danisco for $6.3 Billion
1/10/2011

DuPont to Acquire Danisco for $6.3 Billion

DuPont to Acquire Danisco for $6.3 Billion

DuPont has agreed to acquire Danisco (Copenhagen), a maker of enzymes and specialty food ingredients, for $6.3 billion.

Danisco’s Genencor unit is the second-largest maker of industrial enzymes after Novozymes. The addition of enzymes boosts DuPont’s efforts to build a leading position in industrial biotechnology, including renewable fuels and materials. Genencor’s current efforts in renewables include development of bio-based isoprene with Goodyear Tire & Rubber Co. and a joint venture with DuPont in second-generation bioethanol. Danisco said last month is expects to post revenue of around DKK 15.3 billion ($2.65 billion) for the fiscal year ending March 30, 2011, with EBIT of DKK 2.2 billion-2.3 billion for an EBIT margin of around 14.5%.

DuPont agreed to pay DKK 665/share, a 24% premium to Danisco's closing price on Friday.

"Biotechnology and specialty food ingredients have the potential to change the landscape of industries, such as substituting renewable materials for fossil fuel processes and addressing food needs in developing economies, that will generate more sustainable solutions and create growth for the company,” says DuPont chair and CEO Ellen Kullman.

DuPont will fund the deal with $3 billion in cash and the remainder in debt. The deal will reduce 2011 earnings 30 cts-45 cts/share below the forecast range of $3.30-$3.60/share announced last month, DuPont says. The transaction is expected to close early in the second quarter and be cash and will add to earnings in 2012, DuPont says.

“Danisco has two well-positioned global businesses that strongly complement our current biotechnology capabilities, R&D pipeline, and specialty food ingredients, a combination that offers attractive long-term financial returns,” Kullman says. “This also would create opportunities across other parts of the DuPont portfolio, including traditional materials science offerings.”

Genencor accounts for a third of Danisco’s revenues. The remaining two-thirds is food ingredients, including gums, cultures and sweeteners. DuPont says the transaction is subject to customary closing conditions, including regulatory approvals and the tender of more than 90% of Danisco shares.

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
Sara Lee Sells Shoe Care Business to SCJ
1/4/2011

Sara Lee Sells Shoe Care Business to SCJ

Sara Lee Sells Shoe Care Business to SCJ

Sara Lee Corp. has agreed to sell its global shoe care business, including Kiwi, Kiwi Kleen, Bama, Tana and Meltonian brands, to SC Johnson for approximately $326 million

In fiscal 2009, the business generated annual sales of approximately $315 million and accounted for approximately 19% of the adjusted operating segment income for Sara Lee’s international household and body care business.

The transaction—a final piece of the company’s plan to shed its household and body care operations—is expected to close by the end of fiscal 2011 (July 2, 2011), according to Sara Lee.

"With the binding offer for our global shoe care business, we have now announced or completed transactions for substantially all of our household and body care business,” said Marcel Smits, interim chief executive officer, Sara Lee Corp. “We’re excited to get closer to bringing this process to a close as we continue to focus on our core protein and coffee businesses, while continuing to evaluate the best opportunities for value creation and investment of cash."

Sara Lee has completed the sale of its body care business to Unilever, its air care business to P&G and its stake in its Godrej Sara Lee joint venture to Godrej Consumer Products Ltd. In addition, the company has agreed to sell its White King and Janola brands to Symex Holdings Limited and its non-Indian insecticides business to SC Johnson, with the transfer of the insecticides business pending approval by the European Commission.

Sara Lee’s international household and body care business generated sales of approximately $2.0 billion in fiscal 2009.

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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