A leading executive at Sara Lee has resigned, the US food giant has revealed in an SEC filing.
The US food group said that James Nolan, chief executive officer, North American Fresh Bakery, has resigned from the corporation effective 9 April 2010 to pursue another professional opportunity.
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The company said that a permanent replacement for Nolan has not yet been named.
In February, Sara Lee lifted its target for annual earnings after one-off items and improved second-quarter volumes boosted half-year profits.
Sara Lee said it expects full-year 2010 adjusted earnings per share to be in the range of $1.00 to $1.05 a share – compared to its previous target of $0.91 to $1.05 a share.
The group posted second-quarter operating income of $282m, which had swung from an operating loss of $4m a year ago. Net income stood at $371m in the second quarter against a $17m net loss last year.
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