Kraft Foods Says Teri List-Stoll To Succeed McLevish As CFO In Q1 2014

(RTTNews) - Packaged foods giant Kraft Foods Group Inc. (KRFT) said Tuesday that it has appointed Teri List-Stoll as senior vice president of finance. She will succeed current chief financial officer Timothy McLevish in the first quarter of 2014.

List-Stoll, a veteran of the consumer packaged goods industry, has worked for about 20 years at consumer goods giant Procter & Gamble Co. (P&G). Since 1994, she has held several finance leadership roles in business unit management, supply chain, sales, accounting, and financial planning and analysis.

Most recently, List-Stoll served as senior vice president and treasurer at Procter & Gamble. 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.

Commenting on List-Stoll's appointment, Tony Vernon, Chief Executive Officer of Kraft Foods said, "Teri's financial expertise and deep experience at a consumer- and brand-focused company make her the right choice for our next CFO. 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 SVP of finance, List-Stoll will initially oversee Kraft's business unit finance teams. She will also work along with McLevish to ensure a smooth transition of CFO duties.

Outgoing CFO McLevish has been executive vice president and CFO of Kraft Foods Group since the company's launch in October 2012. He leads the company's financial operations, including accounting and reporting, financial planning and analysis, treasury, tax, audit and investor relations.

McLevish served as executive vice president and chairman of Kraft Foods Inc.'s Project Management Office from August 2011 until October 2012, and was responsible for planning the separation of Kraft Foods Inc. into two independent companies.

Kraft Foods Group was formed when the original parent entity Kraft Foods Global Inc. split into two companies last year, with its international snacks business, called Mondelez International Inc. (MDLZ), and North American grocery business known as Kraft Foods Group.

McLevish joined Kraft Foods Inc. in October 2007 as EVP and CFO, and also served as the company's CFO until May 2011. Prior to joining Kraft Foods Inc., he served as SVP and CFO at diversified industrial company Ingersoll-Rand plc (IR).

In early August 2013, Northfield, Illinois-based Kraft Foods reported a surge in profit for the second quarter, due mainly to gains from post-employment benefit plans. However, sales declined modestly, hurt mostly by the Easter-shipment timing and product pruning.

Kraft's second-quarter net income was $829 million or $1.38 per share, up from $603 million or $1.02 per share in the same period last year. Net revenues for the quarter were $4.74 billion, down from $4.79 billion a year ago.

KRFT closed Friday's trading at $51.77. In Tuesday's pre-market, the stock is adding $0.72 or 1.39 percent to $52.49.