US meat-to-baked goods group Sara Lee has announced that chairman and chief executive Brenda Barnes will temporarily stand down from her post for medical reasons.
The company, which insisted that it would not comment further on Barnes’ condition, has appointed CFO Marcel Smits to serve as interim CEO. Lead independent director James Crown will take over as chairman.
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Sara Lee has also formed an office of the chairman, made up of Crown, Smits and Christopher Fraleigh, chief executive officer of Sara Lee’s North American retail and foodservice divisions.
The group will ensure continued effective execution of strategic initiatives and further enhance operational efficiencies, Sara Lee said.
Mark Garvey, SVP global business services and corporate controller, will assume the responsibilities of CFO.
Shares in Sara Lee dipped slightly on Friday (14 May) following the announcement, from an open of US$14.75 to close at $14.70.
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By GlobalDataThe group has given no indication of when Barnes, the chief architect of Sara Lee’s move to increase focus on core food operations, is expected to return.
