G.M.A. establishes C.F.O. Committee
October 06, 2008
by FoodBusinessNews.net Staff
WASHINGTON — The Grocery Manufacturers Association has formed a Chief Financial Officer committee, which will have financial professionals from top food, beverage and consumer product companies.
"The role of G.M.A. is to provide leadership on the issues most impacting food, beverage and consumer products makers today," said Stephen Sibert, senior vice-president of industry affairs. "Given the economic challenges our industry is facing and the globalization of C.P.G. manufacturing, a forum in which our members can explore ways to adapt to market changes to ensure continued fiscal success has the potential to be an invaluable resource."
The group will meet semi-annually and have discussions about financial realities, trends, and business challenges in the domestic and global economic landscape. The first issues to consider will include cost management, financial reporting, taxation, executive compensation benchmarking, and sustainability investments and practices.
The committee has 19 members headed by a chairman, Donal L. Mulligan, who is executive vice-president and chief financial officer at General Mills; and a vice-chairman, Humberto Alfonso, senior vice-president and chief financial officer for The Hershey Co.
"Our objective is to connect top industry c.f.o.’s and financial professionals to identify trends, regulatory changes and benchmarks critical to every C.P.G. maker’s governance and bottom line," Mr. Mulligan said. "In doing so, we believe the industry at large can benefit by its members having more ready access to pertinent financial data and trend analysis and by G.M.A. receiving counsel from senior financial leaders."