Del Monte Foods announces Neil Harrison as interim CEO

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.

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