FOR IMMEDIATE RELEASE
Grocery Manufacturers Association Launches New CFO Advisory Group
Contact:
Scott Openshaw, Director, Communications, 202-295-3957
Brian Kennedy, Director, Communications, 202-639-5994
October 6, 2008
WASHINGTON, D.C. – The Grocery Manufacturers Association (GMA) today announced the formation of its Chief Financial Officer (CFO) Committee, comprised of financial professionals from top food, beverage and consumer products companies. The group will meet semi-annually and maintain an ongoing dialogue regarding financial realities, trends and business challenges in the domestic and global economic landscape.
“The role of GMA is to provide leadership on the issues most impacting food, beverage and consumer products makers today,” said Stephen Sibert, GMA senior vice president of industry affairs. “Given the economic challenges our industry is facing and the globalization of CPG 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.”
In its inaugural year, the committee will consider issues including cost management, financial reporting, taxation, executive compensation benchmarking and sustainability investments and practices, among other topics. The committee currently boasts 19 members and is lead by Chairman Donal L. Mulligan, executive vice president and chief financial officer, General Mills, Inc., and Vice Chairman Humberto Alfonso, senior vice president and chief financial officer, The Hershey Company.
“Our objective is to connect top industry CFOs and financial professionals to identify trends, regulatory changes and benchmarks critical to every CPG maker’s governance and bottom line,” said Mulligan. “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 GMA receiving counsel from senior financial leaders.”
“For years, GMA has organized the CPG industry around relevant topics from supply chain efficiency to food safety,” noted Alfonso. “It only makes sense that a financial platform is part of that portfolio, and on behalf of the committee, we are pleased to take up these critical issues on behalf of all GMA member companies.”
GMA associate member PricewaterhouseCoopers, LLP will work with the committee, providing expertise on technical accounting and financial issues, highlighting industry challenges and trends and supporting various committee initiatives, as well as continuing to jointly develop the annual financial performance report.
###
Based in Washington, D.C., the Grocery Manufacturers Association is the voice of more than 300 leading food, beverage and consumer product companies that sustain and enhance the quality of life for hundreds of millions of people in the United States and around the globe. Founded in 1908, GMA is an active, vocal advocate for its member companies and a trusted source of information about the industry and the products consumers rely on and enjoy every day. The association and its member companies are committed to meeting the needs of consumers through product innovation, responsible business practices and effective public policy solutions developed through a genuine partnership with policymakers and other stakeholders. In keeping with its founding principles, GMA helps its members produce safe products through a strong and ongoing commitment to scientific research, testing and evaluation and to providing consumers with the products, tools and information they need to achieve a healthy diet and an active lifestyle. The food, beverage and consumer packaged goods industry in the United States generates sales of $2.1 trillion annually, employs 14 million workers and contributes $1 trillion in added value to the economy every year.
[back to top]
|
Printable Version
