Sara Lee Corp. (SLE) named Sean Connolly as chief executive of
its North American retail and food service business, in advance of
his appointment as the head of the North American meats business
once the spinoff of Sara Lee's international coffee and tea
business is completed later this year.
Connolly, 46 years old, is the president of Campbell Soup Co.'s
(CPB) North America segment and will join Sara Lee Jan. 17.
Separately, Campbell Soup said it appointed Mark Alexander, 47,
as Connolly's replacement. He is currently president of Campbell
International.
Once a hodgepodge of household products and food brands, Sara
Lee has worked to sell off businesses and narrow its focus for the
past few years. The company is currently in the process of
splitting apart as it plans to separate its international coffee
and tea business from North American operations that include
processed-meat brands like Jimmy Dean and Hillshire Farm. The
spinoff is slated for the second quarter of this year.
"The North American meats business, with its leading brands and
strong market position, has tremendous opportunities for growth as
a pure-play company," Connolly said. "I look forward to working
with an experienced and talented team to build this successful new
company and create value for shareholders."
Campbell Soup, meanwhile, is attempting a turnaround for its
namesake soup business, where sales have been flagging for about
two years as consumers have gravitated to other simple meals, such
as frozen pizza, and the company faced growing competition from
General Mills Inc.'s (GIS) Progresso soup.
Campbell Soup Chief Executive Denise Morrison said Alexander,
who started at the company in 1989, has management experience with
the soup business in the U.S., Canada, Europe, Asia and Australia,
and was instrumental in the company's development of a new
strategic framework.
Sara Lee's shares closed Thursday at $18.87, while Campbell
closed at $31.81.
-By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; ben.rubin@dowjones.com