Kraft names new chief financial officer
NEW YORK (AP) — Kraft Foods said Tuesday it hired a successor to take over for Chief Financial Officer Timothy McLevish in the first quarter of 2014.
The company, with brands including Jell-O, Oscar Mayer and Maxwell House, said Teri List-Stoll will initially oversee its business unit finance teams and work alongside McLevish to ensure an orderly transition. List-Stoll worked for The Procter & Gamble Co. for nearly 20 years, most recently as senior vice president and treasurer.
The appointment comes after McLevish helped oversee Kraft's split from Mondelez International Inc. last year. The split was intended to help the two companies each focus on a more targeted lineup of brands. Kraft Foods Group Inc. took North American grocery brands, while Mondelez and CEO Irene Rosenfeld took global snack brands such as Oreo, Chips Ahoy and Cadbury chocolates.
Both companies have stumbled out of the gate, however, delivering underwhelming results in their first few quarters as independent companies.
Shares of Northfield, Ill.-based Kraft Foods Group closed Friday at $51.77, up about 15 percent since the split about a year ago.