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Kellogg Updates 2019 Guidance; CFO Fareed Khan To Step Down

Kellogg Co. (K) said that it updated its 2019 guidance to provide further indications of the likely impact of the pending divestiture of selected cookies, fruit snacks, pie crusts, and ice-cream cones businesses. The divestiture likely to reduce 2019 net sales by about 2%-3%, to reduce 2019 adjusted operating profit by about 4%-5%, to reduce 2019 adjusted earnings per share by less than 5%.

Separately, Kellogg said that its Chief Financial Officer, Fareed Khan, would step down from the company, on July 1, following the completion of the company's second quarter. He will be succeeded by Amit Banati, who is currently President, the company Asia Pacific, Africa & Middle East.

In March, 2012, Banati joined Kellogg as President Asia Pacific, and his responsibilities expanded into the broader AMEA region in July, 2018. Before joining to Kellogg, he began his career in finance at Procter & Gamble, before moving to Cadbury Schweppes, where he was the chief financial officer of Cadbury Schweppes Asia Pacific. Thereafter, he served in a variety of general management roles at Cadbury Schweppes, Kraft Foods and Mondelez.

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