Kraft Foods Group has said driving efficiencies and brand investment will be part of the mandate for newly-appointed CFO Teri List-Stoll.

The US company yesterday (3 September) announced the appointment of Procter & Gamble executive Teri List-Stoll to succeed Timothy McLevish as CFO in the first quarter of 2014. For now, List-Stoll will act as Kraft Foods Group’s senior vice president of finance, where she will oversee the company’s business unit finance teams and work alongside McLevish for the transition period.

A reason was not given for McLevish’s departure or whether he is joining another company. He joined Kraft Foods as CFO and executive vice president in 2007 and led the office that oversaw the company’s 2012 split into Kraft Foods Group and Mondelez International.

However, a spokesperson for Kraft Foods Group said with the spin-off behind it, McLevish and CEO Tony Vernon “agreed that the time is right for a transition of the CFO role”.

The spokesperson said McLevish will “share his deep knowledge” of Kraft in order to help List-Stoll “truly hit the ground running”.

“She will continue our journey to deliver cost savings and a focused approach to brand investments that will fuel our growth. Our CFO plays a role in driving efficiencies, business process simplification and cost savings, while instilling a “cash is king” mindset at Kraft.

“Right now, Tim is focused on a seamless transition of the CFO role to Teri. We will announce his next move at a later date.”