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

  • 📰 Reuters
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Kellogg Co said on Thursday it will replace its chief financial officer, and the...

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.

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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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