Cargill hires former Sara Lee chief exec as CFO

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The former CEO of Sara Lee Corp. is joining Cargill Inc. as its new chief financial officer later this month, according to a company news release. Marcel Smits will begin his new role with the Twin Cities-based agribusiness giant on April 15.

"His global experience in financial management and the food industry will be a tremendous asset to the company," Cargill CEO Greg Page said in a statement.

Smits became Sara Lee's CEO in 2011 after two years as the packaged food maker's CFO.

He replaces David MacLennan, who has served as interim CFO since Sergio Rialquit left the company in November to return to his native Brazil. MacLennan will remain Cargill's president and chief operating officer.

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