Del Monte to name Vestar's Neil Harrison as interim chief executive
Company continues to search for permanent replacement during acquistion by private equity firms
Del Monte Foods Co. will name Neil Harrison of Vestar Capital as interim chief executive upon the expected closing of the company's US$4 billion acquisition by a group of private equity firms, The Wall Street Journal reported.
The petfood maker's acquisition by Kohlberg Kravis & Roberts Co., Vestar Capital Partners and Centerview Partners will likely close in March, a deal worth US$19 per share including US$1.3 billion in assumed debt, according to The Wall Street Journal's report. Harrison will also get a seat on the company's board, according to a letter disclosed in a regulatory filing from Del Monte Chairman and Chief Executive Richard Wolford. Del Monte will continue to search for a permanent replacement for Wolford.