Amit Banati has been tapped to take over as chief financial officer of Kellogg Co., following the planned departure of Fareed Khan on July 1. Mr. Banati currently is president of Kellogg Asia Pacific, Africa and Middle East (AMEA).
Mr. Khan joined the company in February 2017. Previously, he was c.f.o. at US Foods and United Stationers and held various finance, business and leadership roles at USG Corp. He will remain with the company through June to ensure a smooth transition.
“We thank Fareed for his valued contributions during a period of major change at Kellogg Co.,” said Steven A. Cahillane, chairman and chief executive officer. “He has been a trusted partner in creating and implementing our Deploy For Growth strategy, aimed at returning the company to sustainable, profitable growth. We wish him the very best in his next endeavors.”
Mr. Banati joined Kellogg in March 2012 as president of Asia Pacific. His responsibilities expanded to include the broader AMEA region in July 2018. He began his career in finance at Procter & Gamble and later held various general management and finance roles at Cadbury Schweppes, Kraft Foods and Mondelez International.
“We are pleased to be able to succeed Fareed with a Kellogg executive as outstanding as Amit Banati,” Mr. Cahillane said. “With his strategic vision, operational discipline, and financial acumen, Amit has been a driving force behind the transformation of our business in AMEA. This region is on a path to more than double in size, in both net sales and operating profit, since Amit became its president, and it has demonstrated the kind of balanced top-line and bottom-line growth we strive for as a company.”
By Monica Watrous
Source: Food Business News
Carlsberg has announced the departure of its chief financial officer (CFO), Heine Dalsgaard, after six years in the position. In a statement, Carlsberg said that Dalsgaard was resigning from the post to take up the role of CFO at a private equity-backed company in a different industry.
Kellogg will split into three independent companies to focus on the snack business, Reuters reported Tuesday. The snacking portfolio will comprise the main business, while the North America cereal unit and the plant-based business will be spun off. The company is also considering a sale of the plant-based business.
The snacks giant says the acquisition will help build on its commitment to “lead the future of snacking” in key geographies worldwide. Once the transaction is completed, Mondelēz will continue to operate the Clif Bar business from its headquarters in Emeryville, California. The snack giant will also continue to manufacture Clif Bars’ products, which include Clif Bar, Luna and Clif Kid, at its facilities in Idaho and Indiana.