Dive Brief:
- The Chief Financial Officer (CFO) of Kellanova, previously known as Kellogg Company, has resigned to join consumer health firm Kenvue as their top financial executive effective May 12, according to filings from both companies.
- Amit Banati, aged 56, will take over as CFO of Kenvue in Summit, New Jersey, succeeding Paul Ruh. Ruh will stay on for a period to ensure a smooth transition, as per the company’s press release and filing.
- This move follows Mars Inc.’s acquisition of Kellanova for $35.9 billion last year. Mars recently announced the pricing of $26 billion in senior notes to fund the acquisition.
Dive Insight:
Banati will step down from his role at Kellanova on May 9. John Renwick, VP of investor relations and corporate planning, will serve as acting SVP and CFO starting May 9.
As Kenvue’s new CFO, Banati, a seasoned professional in consumer brands, is set to receive a competitive compensation package, including an annual base salary of $900,000 and an annual bonus opportunity.
Banati will also receive compensation related to the merger at his current employer, Kellanova. The company, known for brands like Pop-Tarts and Pringles, became independent in 2023 after splitting from Kellogg’s North American cereal unit.
For the first quarter of the year, Kellanova reported a slight decline in net sales and adjusted operating profit. On the other hand, Kenvue recently reported a decrease in net sales for the first quarter and is working to mitigate the financial impact of tariffs.
This is a developing story on CFO Dive.