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Kellanova, a grain mill products manufacturer formerly known as Kellogg Company (NYSE:K), announced significant changes in its executive team. The company, currently valued at $28.6 billion and trading near its 52-week high, received notice from Amit Banati, the Vice Chairman and Chief Financial Officer, that he will resign effective Friday to pursue another opportunity. Banati’s departure is not related to any disagreements with the company’s operations, policies, or practices. According to InvestingPro analysis, Kellanova maintains a "GOOD" financial health score, suggesting strong operational fundamentals.
Following this development, on Tuesday, Kellanova’s Board of Directors appointed John Renwick as the acting Senior Vice President and Chief Financial Officer, beginning Friday. Renwick, 58, has a longstanding history with the company, serving since 2016 as Vice President, Investor Relations and Corporate Planning. His previous roles include Vice President, Finance & CFO, U.S. Snacks from 2013 to 2016, and various international finance leadership positions. Before joining Kellanova in 2000, Renwick was Vice President Equity Research at Morgan Stanley (NYSE:MS) and held a position at Chemical Bank. He is a chartered financial analyst with a bachelor’s degree in Economics from Middlebury College.
Kellanova’s securities, including its common stock and senior notes, are traded on the New York Stock Exchange under the symbols K, K29, and K34. The company, headquartered in Chicago, Illinois, is incorporated in Delaware and ends its fiscal year on December 28.
This executive transition was disclosed in an 8-K filing with the Securities and Exchange Commission on Thursday. The document provides formal notification of the company’s internal changes and is based on a press release statement.
In other recent news, Kellanova reported first-quarter earnings for 2025 that surpassed expectations, primarily due to reduced selling, general, and administrative expenses after announcing its acquisition by Mars. Despite this earnings beat, the company did not provide future earnings guidance, leading to cautious analyst perspectives. Stifel maintained a Hold rating with an $83.50 target, noting that Kellanova’s earnings per share of $0.90 fell short of their expectations by $0.11, and revenue of $3.08 billion missed the $3.18 billion analyst projection. The firm also noted a contraction in gross margin due to higher costs and reduced operating leverage, resulting in a revised full-year EPS estimate of $3.75. DA Davidson also reaffirmed a Neutral rating with the same price target, emphasizing the impact of reduced overhead costs and a slowdown in organic net sales. Both firms highlighted the absence of forward-looking guidance due to the pending Mars acquisition, which is expected to conclude in the first half of 2025. Kellanova’s first-quarter results reflect broader industry challenges, with organic revenue slightly increasing by 0.7%, driven by pricing in emerging markets despite a volume decline. Investors are closely monitoring the ongoing acquisition process and its potential effects on the company’s financial performance.
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