(Reuters) - Greek yogurt maker Chobani, which is recovering from a product recall, on Monday said it will name a new chief executive to replace its founder and may appoint its acting president, a turnaround expert from private equity firm TPG which lent the company $750 million last year.
Chobani plans to name a new chief executive in the first half of 2015 and among the candidates to replace company founder Hamdi Ulukaya as CEO is interim president and chief operating officer Kevin Burns, a senior partner at Texas-based TPG with a reputation as a turnaround expert with experience in manufacturing. Ulukaya will remain chairman, Chobani's Chief Marketing Officer Peter McGuinness said, countering a New York Post report that cited unnamed sources as saying Ulukaya could be stripped of his chairman role.Chobani has been searching for a CEO since April and has identified several qualified candidates, including Burns, McGuinness said.Ulukaya will choose the new "operationally based" CEO and remain involved in day-to-day business on the product side, McGuinness added.Private equity firm TPG [TPG.UL] in April invested $750 million in the New Berlin, New York-based company to save it from a cash crunch primarily blamed on a 2013 product recall linked to problems at its Idaho manufacturing plant. Those pains were exacerbated by record milk prices and intense competition from established yogurt brands such as Dannon