Kellogg Company Announces CFO Transition at End of Second Quarter
BATTLE CREEK, Mich., May 2, 2019 /PRNewswire/ -- Kellogg Company (NYSE: K) today announced that its Chief Financial Officer, Fareed Khan, is leaving 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, Kellogg Asia Pacific, Africa & Middle East ("AMEA").
"We thank Fareed for his valued contributions during a period of major change at Kellogg Company" said Steve Cahillane, Kellogg's 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. Khan came to Kellogg in February, 2017, following stints as CFO at US Foods and United Stationers, as well as in a variety of finance, business and leadership roles at USG Corporation. Prior to those experiences he had spent several years as a management consultant at McKinsey & Company. Mr. Khan arrived at Kellogg at a time when the Company was undergoing significant cost restructuring under its Project K and Zero-Based Budgeting programs, and played a key role in the completion of those programs. He also helped to drive the adoption of a new strategy, which included revitalizing key brands through targeted investment, and reshaping Kellogg's portfolio through M&A.
Mr. Banati joined Kellogg in March, 2012, as President Asia Pacific, and his responsibilities expanded into the broader AMEA region in July, 2018. Under his leadership, AMEA has stabilized developed markets, and expanded Kellogg's portfolio and presence in emerging markets. Prior 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.
"We are pleased to be able to succeed Fareed with a Kellogg executive as outstanding as Amit Banati," said Mr. Cahillane. "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."
Between now and the effective date of July 1, 2019, Mr. Banati and Mr. Khan will work together in a formal transition.
"We expect a very smooth transition because Amit has been a member of our executive committee for the past seven years, and because Fareed has agreed to stay on through June," added Mr. Cahillane.
About Kellogg Company
At Kellogg Company (NYSE: K), we strive to enrich and delight the world through foods and brands that matter. Our beloved brands include Pringles®, Cheez-It®, Keebler®, Special K®, Kellogg's Frosted Flakes®, Pop-Tarts®, Kellogg's Corn Flakes®, Rice Krispies®, Eggo®, Mini-Wheats®, Kashi®, RXBAR® and more. Net sales in 2018 were approximately $13.5 billion, comprised principally of snacks and convenience foods like cereal and frozen foods. Kellogg brands are beloved in markets around the world. We are also a company with Heart & Soul, committed to creating three billion Better Days by the end of 2025 through our Breakfasts for Better Days global purpose platform. Visit www.KelloggCompany.com or www.OpenforBreakfast.com.
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