NORTHFIELD, Ill. (AP) — Kraft Foods Inc. said Wednesday its chief financial officer, James Dollive, will retire this fall after nearly three decades with the world's No. 2 food maker.
Timothy McLevish, 52, the CFO for industrial equipment manufacturer Ingersoll-Rand Co., will assume the post Oct. 1.
''Tim is an exceptional executive who combines a distinguished career in finance, accounting and public company governance with experience in line management, strategic planning and mergers and acquisitions,'' Chief Executive Irene Rosenfeld said in a statement. ''He is a seasoned CFO with an impressive track record of leading financial operations for global companies with diversified portfolios.''
Ingersoll-Rand is nominally based in Bermuda but has its executive offices in Montvale, N.J.
Dollive, was appointed CFO in 2001. He'll work with McLevish to ensure an orderly transition, Kraft said. No specific retirement date for Dollive has been announced.
''Jim's financial expertise, and exceptional standards of ethics and integrity have earned him the respect of both his Kraft colleagues and the financial community,'' Rosenfeld said.