Sara Lee 2010 Annual Report Download - page 5

Download and view the complete annual report

Please find page 5 of the 2010 Sara Lee annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 96

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96

Sara Lee Corporation 3
Better With great people, brands and plans, as well as supporting
a growing, simpler business, we are truly getting better every day.
Over the course of fiscal 2010, we raised our adjusted earnings
per share guidance three times and ultimately exceeded it at year-end.
We saw adjusted operating segment income increase in most of
our segments, highlighted by strong improvement in our two largest
businesses: North American Retail and International Beverage. And,
cash from operations was up $52 million to $952 million, in spite of
the fact that we made a $200 million voluntary pension cash contri-
bution to reduce future obligations and mitigate volatility.
We also announced a new capital plan that will return significant
value to our shareholders by repurchasing $2.5 to $3 billion of our
stock over a three-year period, while gradually increasing our dividend.
And we will continue to evaluate the best opportunities for value
creation, including potential acquisitions.
The conclusion you can draw is that being stronger, simpler
and better is paying off and has us well-positioned for our future.
I’d like to end by thanking all of our employees around the
world who have made our success possible. In addition, our Board
of Directors continues to be an outstanding resource and plays a
pivotal role in helping to shape our strategy.
On behalf of all Sara Lee employees, I want to extend our
deepest thanks to Brenda Barnes for the incredible leadership
and vision she provided over the past six years. Without her perse-
verance and dedication, Sara Lee would not be as well-positioned
as it is today. We wish her the absolute best as she moves on to
the next chapter in her life.
And, finally, I want to thank our shareholders for their support.
We remain entirely committed to delivering superior shareholder
value, and believe we have the plans and people to do so.
Marcel H.M. Smits
Interim chief executive officer
September 1, 2010
Senior management team,
standing from left to right:
CJ Fraleigh
Chief executive officer
North American Retail
and Foodservice
Frank van Oers
Chief executive officer
International Beverage
and Bakery
Mark Garvey
Interim chief financial officer
Vincent Janssen
Chief executive officer
International Household
and Body Care
Brett Hart
Executive vice president,
general counsel and
corporate secretary
Stephen Cerrone
Executive vice president
human resources
Seated from left to right:
Tom Hansson
Senior vice president
strategy and corporate
development
Marcel Smits
Interim chief executive officer