The Supply Side briefs: Kraft names new exec, General Mills outlook

by The City Wire staff ([email protected]) 110 views 

• Kraft taps P&G exec for chief finance post

Kraft Foods Group said Teri List-Stoll has joined the company as senior vice president of finance and will succeed chief financial officer Timothy McLevish in the first quarter of 2014.

List-Stoll has a wealth of consumer packaged goods experience, having worked for nearly 20 years at Procter & Gamble. Since 1994, she has held a number of finance leadership roles in business unit management, supply chain, sales, accounting, and financial planning and analysis.

Most recently, she was senior vice president and treasurer. Prior to joining P&G, List-Stoll was a fellow with the Financial Accounting Standards Board and spent six years at Deloitte & Touche, providing financial counsel to large multinational companies. 

She is also a board and audit committee member of Danaher Corporation and a founding member of the Corporate Women's Executive Forum.

"Teri's financial expertise and deep experience at a consumer- and brand-focused company make her the right choice for our next CFO," said Kraft CEO Tony Vernon. "We'll benefit from her deep commitment to operational excellence and her track record of innovation in company-wide productivity initiatives.”  

In her role as senior vice president of finance, List-Stoll will initially oversee Kraft's business unit finance teams. She'll also work alongside McLevish to ensure an orderly transition of the chief financial officer duties.

Kraft is a supplier to Wal-Mart Stores Inc. and maintains a sales office Northwest Arkansas.

• General Mills affirms 2014 guidance
In remarks this week (at the Barclays Back-to-school Conference in Boston, General Mills discussed its long-term growth prospects and reaffirmed its key financial targets for the fiscal year ending May 2014. 

This includes targeted fiscal 2014 adjusted earnings per share of $2.87 to  $2.90. 

General Mills also commented on the 2014 first quarter which will be reported on Sept.18, The company expects net sales growth in the quarter ended Aug. 25, will include good contributions from new products and three months of incremental contribution from Yoplait Canada and Yoki in Brazil.

First quarter gross margin is expected to be lower, reflecting input cost inflation and the change in business mix. First quarter segment operating profit is expected to grow despite a foreign exchange headwind and higher levels of advertising and media investment. 

General Mills is a supplier to Wal-Mart Stores Inc. and operates a large sales office in Rogers.