Kraft's CFO exits; EVP operations to take helm

NORTHFIELD, Ill. — Kraft Foods on Monday announced that its EVP and CFO, Timothy McLevish, will leave the company in mid-2011.

McLevish, who served as EVP and CFO for Kraft since 2007, will shift his CFO responsibilities to EVP operations David Brearton. Prior to his exit, McLevish will report the company's first-quarter financial results.

McLevish was called "instrumental" in several transactions that helped boost Kraft's portfolio, including the split-off of Post cereals, the sale of the company's North American frozen pizza business and the acquisition of Cadbury.

"Tim has had a clear mandate to reshape the portfolio and our capital structure, which he accomplished with the highest-quality results," Kraft chairman and CEO Irene Rosenfeld said. "We will miss Tim's perspective and commitment, but we respect his desire to take on new and different challenges."

Meanwhile, Kraft said it has initiated an external search to fill Brearton's current role as EVP operations. Brearton joined the company in 1984 and has been a member of the Kraft executive team for the past six years.