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.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Alphabet stock drops after earnings show disappointing Google sales growthAlphabet Inc. revenue came up short of expectations as all of its major sales categories performed slightly worse than projected in the first quarter, and...
Source: MarketWatch - 🏆 3. / 97 Read more »

Under Armour shares jump on earnings beatUnder Armour on Thursday reported first-quarter earnings and sales that topped analysts' expectations. Go you good thing.
Source: CNBC - 🏆 12. / 72 Read more »