Sara Lee Corp. (SLE) announced today that its CEO Brenda C. Barnes will resign from the positions of Chairman and Chief Executive Officer. She was on a prolonged medical leave since May 14, 2010 following a stroke.
Under Barnes’ leadership, Sara Lee undertook various business restructuring initiatives. These included the sale of the company’s air freshener division to Procter & Gamble (PG) and personal care brands to Unilever Plc. (UL) for a combined consideration of approximately $2.16 billion as well as efforts to bolster Sara Lee’s operations in high-growth emerging markets.
Barnes joined Sara Lee in July 2004 as president and chief operating officer (COO) and became the chairman and CEO of the company in October 2005. Prior to joining Sara Lee, Barnes spent 22 years of her career with PepsiCo (PEP). During November 1999 to March 2000, Barnes also served as the interim president and COO of Starwood Hotels & Resorts (HOT).
The Downers Grove, IL-based Sara Lee has already initiated the search for a successor and is considering both internal and external candidates. During the search period, Martin Smits, James S. Crown and Mark Garvey will continue as the interim CEO, interim chairman and interim CFO, respectively. They all took over these positions during Barnes’ leave.
Martin Smits joined Sara Lee in October 2009 as executive vice president and CFO. Prior to joining the company, he was the CFO at Dutch telecom operator Koninklijke KPN NV. James S. Crown was the lead independent director at Sara Lee before assuming the role of interim chairman, while Mark Garvey, who joined Sara Lee in 1995, was Senior VP, Global Business Services and Corporate Controller before taking over the position of interim CFO.
Sara Lee posted better-than-expected results in the third quarter of fiscal 2010, with adjusted EPS of 22 cents edging past the Zacks Consensus Estimate of 21 cents. The result was primarily driven by improved gross margin and lower interest expenses. Sara Lee also stated at the time that it expects adjusted EPS of $1.06 to $1.10 for fiscal 2010 on net sales of $12.85 billion to $12.95 billion. The Zacks Consensus Earnings Estimate is currently pegged at $1.09 per share, while the Zacks Consensus Sales Estimate presently stands at $11.28 billion.
Sara Lee, a leading global manufacturer of food and household products, is scheduled to post results for the fourth quarter of fiscal 2010 on Aug 12, 2010. We currently have a short-term Zacks #3 Rank (Hold) rating and a long-term Outperform recommendation on the company’s shares.
STARWOOD HOTELS (HOT): Free Stock Analysis Report
PEPSICO INC (PEP): Free Stock Analysis Report
PROCTER & GAMBL (PG): Free Stock Analysis Report
SARA LEE (SLE): Free Stock Analysis Report
UNILEVER PLC (UL): Free Stock Analysis Report
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Barnes joined Sara Lee in July 2004 as president and chief operating officer (COO) and became the chairman and CEO of the company in October 2005. Prior to joining Sara Lee, Barnes spent 22 years of her career with PepsiCo (PEP). During November 1999 to March 2000, Barnes also served as the interim president and COO of Starwood Hotels & Resorts (HOT).
The Downers Grove, IL-based Sara Lee has already initiated the search for a successor and is considering both internal and external candidates. During the search period, Martin Smits, James S. Crown and Mark Garvey will continue as the interim CEO, interim chairman and interim CFO, respectively. They all took over these positions during Barnes’ leave.
Martin Smits joined Sara Lee in October 2009 as executive vice president and CFO. Prior to joining the company, he was the CFO at Dutch telecom operator Koninklijke KPN NV. James S. Crown was the lead independent director at Sara Lee before assuming the role of interim chairman, while Mark Garvey, who joined Sara Lee in 1995, was Senior VP, Global Business Services and Corporate Controller before taking over the position of interim CFO.
Sara Lee posted better-than-expected results in the third quarter of fiscal 2010, with adjusted EPS of 22 cents edging past the Zacks Consensus Estimate of 21 cents. The result was primarily driven by improved gross margin and lower interest expenses. Sara Lee also stated at the time that it expects adjusted EPS of $1.06 to $1.10 for fiscal 2010 on net sales of $12.85 billion to $12.95 billion. The Zacks Consensus Earnings Estimate is currently pegged at $1.09 per share, while the Zacks Consensus Sales Estimate presently stands at $11.28 billion.
Sara Lee, a leading global manufacturer of food and household products, is scheduled to post results for the fourth quarter of fiscal 2010 on Aug 12, 2010. We currently have a short-term Zacks #3 Rank (Hold) rating and a long-term Outperform recommendation on the company’s shares.
STARWOOD HOTELS (HOT): Free Stock Analysis Report
PEPSICO INC (PEP): Free Stock Analysis Report
PROCTER & GAMBL (PG): Free Stock Analysis Report
SARA LEE (SLE): Free Stock Analysis Report
UNILEVER PLC (UL): Free Stock Analysis Report
Zacks Investment Research
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