Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Sara Lee CEO steps down for health reasons

By Aaron Smith, CNNMoney.com staff writer


NEW YORK (CNNMoney.com) -- Sara Lee Corp. said Monday that it's searching for a new leader after its chairman and CEO stepped down for health reasons.

The food and beverage maker said that Brenda Barnes, who has been on medical leave since suffering a stroke in May, will end her six-year stint as leader of the company.

"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 James Crown, an independent director who has served as chairman of the board since Barnes took a leave of absence on May 14.

Marcel Smits, formerly the chief financial officer, will continue to serve as interim CEO until Sara Lee (SLE, Fortune 500) decides on a permanent replacement, the company said.

Sara Lee announced that is has begun the search for a new CEO this week. The company said it's considering both in-house candidates as well as people outside Sara Lee.

Barnes ranks number 10 on Fortune's Most Powerful Women list. To top of page

Index Last Change % Change
Dow 18,502.99 107.59 0.58%
Nasdaq 5,232.33 13.41 0.26%
S&P 500 2,180.38 11.34 0.52%
Treasuries 1.57 -0.07 -4.22%
Data as of 5:57am ET
Company Price Change % Change
Bank of America Corp... 15.84 0.05 0.32%
Micron Technology In... 16.91 0.40 2.42%
Apple Inc 106.82 -0.12 -0.11%
Ford Motor Co 12.47 0.09 0.73%
Chesapeake Energy Co... 6.44 0.04 0.62%
Data as of Aug 29
Sponsors

Sections

Southwest pilots have been negotiating pay raises and improved contract terms with the airline for more than four years. Now, there's a sign the gridlock is ending. The union said Monday they've reached an 'agreement in principle.' More

Nearly 10,000 current and former Chipotle workers have joined a class action lawsuit alleging the company forced them to work 'off the clock' without pay. More

Following an order from the Department of Education to stop admitting students on federal financial aid, the for-profit technical school has stopped enrolling new students. More