Sara Lee hires new CFO
Sara Lee hires new CFO
Sara Lee hires new CFO
Sara Lee Corp. announced Tuesday it hired a new CFO with experience overseeing acquisitions and restructurings.
Marcel H.M. Smits, 48, comes to Sara Lee from Koninklijke KPN NV, a Dutch telecom company with $21 billion in sales last year. He also has held various finance positions at Maxeda, a Dutch retail group, and Unilever PLC, a global food and consumer package good company.
Mr. Smits hiring comes as Sara Lee is looking to sell its European-based household and body care division. Sara Lee announced in March it was exploring its options for the division, and Ms. Barnes told analyst last week the company’s was making good progress but declined to comment further.
The hiring of the Dutch-born executive signals Sara Lee’s commitment to its European-based beverage and bakery divisions, says Erin Swanson, an analyst in Chicago with Morningstar Inc. Sara Lee’s international beverage business is its largest and most profitable division with $3 billion in sales last year.
The company has been looking to fill its top financial post since Theo de Kool announced his retirement last December. Mr. Smits will report to Sara Lee CEO Brenda Barnes, and will overseas the company’s accounting, tax, treasury, procurement and information technology departments.
“Marcel brings great finance, leadership and international expertise, and we’re delighted to have him join our team,” said Barnes in a statement. “He’s a seasoned professional with broad experience in consumer packaged goods and retail and we expect him to quickly contribute to our finance, operations and global business strategy.”
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