Sara Lee Corp., the maker of Ball Park hot dogs and Senseo coffee, said Brenda Barnes is resigning as chairman and chief executive officer, focusing on her health after taking leave in May to recover from a stroke.
Marcel Smits will continue as interim CEO and James S. Crown will remain chairman during the search for a successor, Sara Lee said today. Smits and C.J. Fraleigh, head of the North American retail and foodservice operations, are both contenders for the job, D.A. Davidson & Co. analyst Tim Ramey said.
The successor to Barnes, who led Sara Lee for more than five years, faces the task of reviving sales that have stagnated or dropped for six straight quarters. The new chief may pursue purchases, using proceeds from asset sales, to keep up Barnes’s efforts to fuel revenue from packaged foods, according to Peter Jankovskis, co-chief investment officer at Oakbrook Investments.
To read the rest of this story please go to: Bloomberg