Kellogg to replace CFO, earnings dive 36.5 percent; shares drop

CHICAGO - Kellogg Co said on Thursday it will replace its chief financial officer, and the cereal, breakfast foods and snacks maker reported a 36.5 percent decline in first-quarter earnings, citing a strong U.S. dollar and higher costs.

Battle Creek, Michigan-based Kellogg said CFO Fareed Khan will be replaced on July 1 by Amit Banati, who heads the company’s Asia Pacific, Africa and Middle East business. Foreign exchange fluctuations and rising commodity and transportation costs have recently eaten into profits across the industry.

Could be related to flogging crap food. Too much sugar. Too much carb. Too much corn syrup. Whacko colouring agents. Time to move on.

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