Sara Lee names new CEO, to divest food unit
Sara Lee Corp. named a new chief executive and said it plans to shed businesses accounting for 40 percent of its annual revenue including its apparel business that sells Hanes and Playtex and its retail coffee operations that include the Chuck full o'' Nuts and Hills Bros. brands as part of a major reorganization, the Associated Press reports. The company named Brenda Barnes its new chief executive officer on Thursday, replacing Steve McMillan. Barnes was recruited last year to replace McMillan, who will remain chairman. The businesses being sold or spun off account for about $8.2 billion in annual revenue, Sara Lee said. It said the reorganization would sharpen its focus on its core food, beverage and household products. The Chicago-based company also said it will sell a $1.1 billion packaged meats business in Europe, a $450 million division that sells cosmetics and household products worldwide, and its retail coffee business.