No Cakewalk At Sara Lee

The incoming CEO has a new plan--but will it suffice?

Even though he admits to smashing up "more than a couple" Formula One race cars before he quit driving them a decade or so ago, C. Steven McMillan has never shaken his liking for speed. That's why he still pilots cigarette boats off the Florida coast from time to time. And that may be why he is launching an overhaul of Sara Lee Corp.--complete with a sell-off of units accounting for about 20% of the company's $20 billion in sales--a full month before he takes over as the Chicago outfit's CEO. Argues the Texas-born manager: "There's obviously no logic to waiting."

To continue reading this article you must be a Bloomberg Professional Service Subscriber.