Chiquita Brands International, Inc has announced the imminent departure of James B Riley, its senior vice president and chief financial officer. He will leave the company at the end of August.

"Jim is a veteran of several successful turnarounds," Fernando Aguirre, chairman and chief executive officer, said. "He came to Chiquita in 2001 to assist with the company's financial restructuring and the subsequent deleveraging of our balance sheet through asset sales."

During Riley's tenure at Chiquita, the company reduced more than $700 million of debt and accrued interest and $60m of annual interest expense through the bankruptcy process. Since March 2002, the company has reduced debt further from more than $650m to $372m as of June 30, 2004, surpassing its $400 million total debt target two years ahead of plan.

"These results could not have happened without Jim as our cfo, given his previous experience in similar business situations," Aguirre said. "His work has increased our financial flexibility and helped put Chiquita on the strong financial foundation we need to pursue our transformation and growth."

The search for a new cfo has been under way since January, and the company is close to concluding the process. Aguirre noted that the Chiquita finance team has great depth of experience, but he asked Riley to stay on for several months, because he felt it was critical for him to follow through with several important projects.

Aguirre concluded: "I'm thankful Jim was willing to do this and help me during my first six months, given his vast experience. We thank Jim for his tireless efforts on behalf of the company and wish him the very best."