Kraft CFO Leaving Amid Management Reshuffle

“This is not a broken company by any stretch. But we do need to adapt a turnaround mindset," says CEO John Cahill.
Matthew HellerFebruary 13, 2015
Kraft CFO Leaving Amid Management Reshuffle

Teri List-Stoll is leaving her job as CFO of Kraft Foods Group as part of management changes that the packaged food giant is hoping will position it for future growth after a sluggish 2014.

The finance division will report to new CEO John Cahill, who took over in December, until a replacement for List-Stoll is appointed.

Teri List-Stoll

Teri List-Stoll

In addition to the departure of List-Stoll, who joined Kraft in September 2013, Chief Marketing Officer Deanie Elsner and Chuck Davis, executive vice president of research and development and quality and innovation, will leave the company.

Kraft also announced Thursday that George Zoghbi, previously vice chairman of operations, R&D, sales and strategy, was appointed chief operating officer and Chris Kempczinski, who currently leads the company’s Canada unit, will assume an expanded role as executive vice president of growth initiatives and president of international operations.

“The executive changes are the first big overhaul from the company since Cahill … replaced Tony Vernon as CEO in December,” the Chicago Tribune reported. The maker of Kraft cheese, Oscar Mayer meats, and Planters nuts “has vowed to speed up changes after months of poor results.”

Separately, Kraft reported Thursday a net loss of $398 million, or 68 cents per share, for the fourth quarter ended Dec. 27, compared with a profit of $931 million, or $1.54 per share, a year earlier. “The company has faced sluggish demand for its packaged foods in the United States at a time of high commodity costs,” Fortune noted.

“This is not a broken company by any stretch. But we do need to adapt a turnaround mindset in many ways,” Cahill said in his first quarterly conference call as the company’s CEO.

Teri List-Stoll will leave the CFO job at the end of February but will continue to serve as a senior adviser to ensure a smooth transition. She previously worked for Procter & Gamble and Deloitte & Touche.

“I thank Teri for her efforts overseeing Kraft’s financial operations and strong financial team, which are instrumental to the company’s success,” Cahill said.