Maple Leaf shaking up execs after sale of Canada Bread

Maple Leaf Foods (MFI:TSX) is shaking up its executive suite following the sale of its 90 per cent stake in Canada BreadCo. Inc. to Grupo Bimbo.

The company named a new chief operating officer and a new chieffinancial officeron Wednesdaythat will lead Maple Leaf after thesale of the bread business closes later this year.

Gary Maksymetz will take over from Richard Lan as chief operatingofficer, while Debbie Simpson will become chief financial officer,replacing Michael Vels.

Lan will serve as chief customer officer until the end of theyear, when he will retire.

Vels will remain with the company until the end of the year tolead the separation of the bakery business and help with thetransition.

The company also said that Scott McCain, chief operating officerof Maple Leaf's agribusiness group, will retire at the end of June.

Maple Leaf Foods has been restructuring its business, which isprimarily focused on meat products.

In February, Canada Bread struck an agreement to be acquired byMexico-based Grupo Bimbo, one of the world's largest breadcompanies, in a deal valued at $1.83 billion.

The bakery deal followed the sale of Maple Leaf's Rothsay rendering business, which handles edible and inedible animalby-products, to Darling International, which is based in Texas.

The company also reached agreements to sell its commercial turkeyfarms, hatchery operation and breeding farms to twoOntario-basedcompanies.