UPDATE 2-Kraft Foods brings back company veteran as CFO

Tue Feb 17, 2015 10:38am EST
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(Adds share movement, analyst comment, details)

By Devika Krishna Kumar

Feb 17 (Reuters) - Kraft Foods Group Inc named James Kehoe, the chief financial officer of Canadian apparel maker Gildan Activewear Inc, as its CFO as part of a management shakeup under new Chief Executive John Cahill.

Kehoe, who had spent more than two decades at Kraft before joining Gildan, was the Canadian company's CFO for less than two months.

"While the timing of this change is not ideal, the opportunity with Kraft is something I could not pass up given my extensive history with the company and its people," Kehoe said in a statement on Tuesday.

Kehoe will take over from Teri List-Stoll, who steps down on Feb. 28.

Edward Jones analyst Brian Yarbrough termed the timing of the announcement as "odd".

"If (Kehoe) was ready and so capable of being the CFO of the company today, what's changed since late 2013 when List-Stoll came on board?" Yarbrough said.

Kraft, the maker of Velveeta cheese and Oscar Mayer meats, said last week that List-Stoll and two other senior executives would step down, about two months after Cahill, the company's chairman, took over as CEO from Tony Vernon.   Continued...