Kraft Foods Reports Loss, Says CFO and Other Executives to Leave

Earnings Reuters

Kraft Foods Group Inc (KRFT) said its chief financial officer and two other senior executives would leave the company, and it reported a quarterly loss mainly due to a one-time charge of $1.36 billion related to post-employment benefit plans.

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Chief Financial Officer Teri List-Stoll, Chief Marketing Officer Deanie Elsner and Chuck Davis, executive vice president of research and development and quality and innovation, will leave the company, Kraft said on Thursday.

Kraft said the company's finance division would report to Chief Executive John Cahill until a CFO was appointed.

The company reported a net loss of $398 million, or 68 cents per share, in the fourth quarter ended Dec. 27, compared with a profit of $931 million, or $1.54 per share a year earlier. Revenue rose 2.2 percent to $4.69 billion.

Kraft's shares were down 2 percent in extended trading.

(Reporting by Ramkumar Iyer; Editing by Ted Kerr)