Snack and beverage company, Kraft Foods Group, Inc. (KRFT), recently announced the appointment of Teri List-Stoll as the senior vice president of the company. Previously a Procter & Gamble (PG) executive, Teri List-Stoll will be promoted to the position of Chief Financial Officer (:CFO) in the first quarter of 2014, replacing the current CFO, Timothy McLevish.
List-Stoll has served nearly 20 years at P&G and was most recently holding the position of senior vice president and treasurer. She thus commands tremendous financial expertise and experience of working in a huge consumer packaged goods company. She has also served the Financial Accounting Standards Board and private professional services firm, Deloitte & Touche, in the past.
Kraft split from Mondelez International, Inc. (MDLZ) last year and became an independent company. While Kraft took hold of the North American grocery business, Mondelez looks after the global snacks portfolio.
Early last month, Kraft reported mixed second-quarter 2013 results beating the Zacks Consensus Estimate for earnings but missing the same for revenues. Sales were significantly weak and margins also declined. The company also lowered its full-year 2013 organic revenue guidance.
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Kraft Foods carries a Zacks Rank #2 (Buy). Overall, we are encouraged by Kraft’s aggressive cost reduction and efficiency-improvement initiatives which provide more cash to invest in stronger innovation, brand building and marketing initiatives. Kraft also aims to maximize cash flows which will be used to pay strong and competitive dividends.
However, though Kraft’s cost-saving efforts look encouraging, it needs to show sustained top-line improvement.
Another food company which is currently doing well is Pinnacle Foods Inc. (PF) carrying a Zacks Rank #2 (Buy).Read the Full Research Report on KRFT
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