Kellogg Company has announced that its Chief Financial Officer, Fareed Khan, is leaving the Company on July 1, following the completion of the company's second quarter. Fareed will be succeeded by Amit Banati, who is currently President, Kellogg Asia Pacific, Africa & Middle East ("AMEA").
Steve Cahillane, Kellogg's Chairman and Chief Executive Officer stated, “We thank Fareed for his valued contributions during a period of major change at Kellogg Company. He has been a trusted partner in creating and implementing our Deploy For Growth strategy, aimed at returning the Company to sustainable, profitable growth. We wish him the very best in his next endeavors."
Fareed had joined Kellogg in February 2017, following stints as CFO at US Foods and United Stationers, as well as in a variety of finance, business and leadership roles at USG Corporation. Prior to those stints he had spent several years as a management consultant at McKinsey & Company. He joined Kellogg at a time when the packaged food company was undergoing significant cost restructuring and played a key role in the completion of those programs.
Meanwhile, Amit Banati joined Kellogg in March 2012, as President Asia Pacific, and his responsibilities expanded into the broader AMEA region in July 2018. Under his leadership, AMEA has stabilized developed markets, and expanded Kellogg's portfolio and presence in emerging markets. Prior to Kellogg, he has worked with Procter & Gamble, before moving to Cadbury Schweppes, where he was the CFO of Cadbury Schweppes Asia Pacific. Post that, he served in a variety of general management roles at Cadbury Schweppes, Kraft Foods and Mondelez.
Between now and the effective date of July 1, 2019, Fareed and Amit will work together in a formal transition.
Incidentally, the development comes at the same time as the breakfast foods and snacks maker reported a 36.5 percent decline in first-quarter earnings, citing a strong US dollar and higher costs. Earnings were also hit by higher spending on divestitures, transportation, and raw materials costs.