Mormon church restructures business arm

Associated Press/March 6, 2009

Salt Lake City - The Church of Jesus Christ of Latter-day Saints is revamping its business arm, the Deseret Management Corp., a holding company for commercial enterprises ranging from restaurants at Temple Square to real estate across the country.

Executives say Deseret Management Corp. will become an active operating company that takes more control of its seven subsidiaries.

Deseret Management's new president and CEO, Mark H. Willes, will become chairman of the board of each subsidiary, with their CEOs reporting directly to him rather than their own boards.

Willes is a former General Mills Inc. executive who was chief of Times Mirror Co. and later publisher of its Los Angeles Times before taking over Deseret Management last month.

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