Cadbury Schweppes, the confectionery and beverages company, has signed up Ken Hanna as its new chief financial officer from private equity firm Compass Partners.
Hanna will join Cadbury Schweppes on March 1 2004 as an executive director prior to assuming the CFO role in April when the firm’s current CFO David Kappler retires from the board after a 38-year career.
Hanna, the former chief executive of food and agriculture group Dalgety, joined Compass in 1999 as a partner. He aimed to bring operating experience to Compass’ $1 billion European fund, which it is still investing.
Compass, which has offices in London, New York, Frankfurt and Stockholm, aims to apply operational expertise to complex multi-jurisdictional businesses. Since launching its fund, it has completed seven European deals including the buyouts of Woods Air Movement from Marconi, and Necta Vending, an Italian vending machine manufacturer, from Electrolux.
Compass was founded by Stephen Walters, the former head of M&A at Morgan Stanley, John Clark, previously chief executive of BET, and Paul Soldatos, the former partner at private equity firm Investcorp. No one at the firm was available for immediate comment on Hanna’s departure.
In his new role, Hanna is expected to assess the desirability of a break-up of Cadbury Schweppes. While at Dalgety, he built a good reputation in the City for selling off under-performing businesses at better than expected prices. Prior to joining Dalgety, he held the position of group finance director at both United Distillers and Avis Europe.