BANGALORE (Reuters) - Foodmaker Sara Lee Corp's Chief Executive Brenda Barnes will step down permanently as CEO and chairman after being on a medical leave since May and the company said it has started a search for her successor.
Barnes, who suffered from a stroke that prompted her to abruptly take medical leave, became CEO in 2005 and led a major restructuring at Sara Lee.
The company, whose products include Sara Lee baked goods and Jimmy Dean sausage, will consider both internal and external candidates for the position.
Sara Lee said Chief Financial Officer Marcel Smits will continue as interim CEO and Mark Garvey will continue as interim CFO.
Barnes also resigned from Sara Lee's board of directors and will not stand for re-election at the company's 2010 annual stockholders meeting in October, the company said.
The company credited Barnes with transforming the company by exiting low-margin businesses. During her tenure, Barnes focused on businesses like food and coffee, while divesting lines like the Hanes underwear business.
Sara Lee has reached agreements to sell its body care business to Unilever Plc/NV
Shares of the company closed at $14.84 Friday on the New York Stock Exchange.
(Reporting by Shobhana Chadha in Bangalore and Phil Wahba in New York; Editing by Aradhana Aravindan, Dave Zimmerman)
