Sara Lee CEO Resigns Because Of Health Issues (SLE)

Sara Lee

CEO Brenda Barnes is resigning due to health problems and the board of directors is looking internally and externallyto find her replacement

Barnes, 56, had a stroke in May and is credited with turning around the consumer products company as it looked to become more concentrated on its food and beverage businesses. Major initiatives included concentrating marketing dollars on its largest brands, such as Jimmy Dean meat products and the company's baked goods. She also launched a big cost-cutting drive. "We fully support Brenda's decision to step down as chairman and CEO so she can devote all of her time and energy toward improving her health," said new chairman of the board James Crown to the Wall Street Journal. He assumed the role of chairman when Ms. Barnes's leave of absence began. "We will conduct a thorough process to identify a CEO successor in a timely manner, and look forward to sustaining the momentum begun under Brenda's leadership." Shares of Sarah Lee are down 4 cents to $14.80.