Kraft Foods’ executive vice president and chief financial officer (CFO) Timothy R McLevish, 55, will be leaving the company in mid-2011 to pursue opportunities in general management. He will officially shift his CFO responsibilities to David Brearton, 50, currently executive vice president, Operations, after the company files its first quarter financial statements.
"We sincerely thank McLevish for his many contributions to Kraft Foods," said Chairman and CEO Irene Rosenfeld. "From the beginning of his tenure as CFO, McLevish has had a clear mandate to reshape the portfolio and our capital structure, which he accomplished with the highest quality results. He was instrumental in several important transactions that have, in fact, transformed our portfolio and improved our growth trajectory, including the split-off of post cereals, the sale of the North American frozen pizza business, and the acquisition of Cadbury."
Rosenfeld further said, "While we’re sorry to see McLevish go, I’m very pleased to announce that we have a talented and respected successor within Kraft Foods to step into the role.” “Brearton has more than 25 years of experience in senior financial and broader cross-functional roles both domestically and internationally. I’m confident that Brearton’s deep understanding of the consumer packaged goods industry and his intimate knowledge of Kraft Foods will enable him to step into the CFO role seamlessly and continue our drive toward top-tier financial performance.”
Brearton began his career with the company in 1984 in his native Canada. He progressed through a series of senior finance roles, including as SVP, Finance, Kraft Foods International and as Corporate Controller.
Brearton holds a bachelor of commerce degree from Queen’s University in Ontario, Canada, and is a Certified Management Accountant.
– IndiaRetailing Bureau