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BREAKING NEWS

Kellogg CFO steps down, earnings slide on higher input costs

Kellogg CFO steps down, earnings slide on higher input costs
FILE PHOTO: Kellogg's corn flakes and other products of U.S. Kellogg Company are offered at a supermarket of Swiss retail group Coop in Zumikon, Switzerland December 13, 2016. REUTERS/Arnd Wiegmann/File Photo -
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Arnd Wiegmann(Reuters)
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CHICAGO (Reuters) - Kellogg Co said on Thursday that Chief Financial Officer Fareed Khan was stepping down and would be replaced by Amit Banati, who heads the Froot Loops maker's Asia Pacific, Africa and Middle East business.

Kellogg reported a 36.5 percent decline in first-quarter earnings on Thursday, as it spent more on divestitures, transportation and commodities costs.

Net income attributable to the company fell to $282 million (£216 million), or 82 cents per share, in the quarter ended March 30, from $444 million, or $1.27 per share, a year earlier.

Battle Creek, Michigan-based Kellogg said net sales rose 3.6 percent to $3.62 billion, helped by its 2018 acquisition of Nigerian distributor Multipro.

Kellogg's shares were down 1 percent in premarket trading.

(Reporting by Richa Naidu; Editing by Sonya Hepisntall)

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