Rodney H. Brady, 76, will retire next month after 13 years as president and chief executive officer of Deseret Management Corp., which oversees for-profit commercial enterprises affiliated with The Church of Jesus Christ of Latter-day Saints.

He will be replaced by Mark H. Willes, 67, of Provo, a former president of General Mills and university finance professor who also has served in many business management positions.

The executive committee of the board of directors of Deseret Management Corp., composed of the First Presidency of the LDS Church, named Willes at their board meeting Wednesday. Brady announced his retirement in the same meeting.

"We approach this transition with mixed emotions," said LDS Church President Thomas S. Monson. "Mark brings a rich background of corporate world experience and is well respected in the international business community. We look forward to working with him. At the same time, we will miss our close association with Rod and his wife Mitzi. We sincerely appreciate these many years of his devoted service."

In his new position, Willes will oversee such church businesses as the Deseret News, Bonneville International and Deseret Book, among others.

Willes served as chairman of the board, president and chief executive officer of the Los Angeles Times from 1995 to 1999. He had also served as its publisher. During his tenure there, Times Mirror newspapers won several Pulitzer Prizes.

He also worked 15 years in management for General Mills Inc. and was president of the Federal Reserve Bank of Minneapolis from 1977 to 1980. At age 35, he was the youngest person ever elected by the Federal Reserve governors to head a district bank.

A Salt Lake City native, Willes holds a Ph.D. from Columbia University and started his career as an assistant professor of finance at the Wharton School, University of Pennsylvania. He had earned a bachelor's degree in economics and statistics in 1963, then followed that with a Ph.D. in economics and finance four years later.

In 1967, he started work as an economist at the Federal Reserve Bank of Philadelphia, even though he did not have the requisite MBA. He was named first vice president in 1971.

Six years later, Willes became president of the Federal Reserve Bank of Minneapolis. Time Magazine in August 1979 named him one of the "Fifty Faces for America's Future."

In June 1980, Willes resigned to take a position at General Mills as executive vice president and chief financial officer. In November 1985, he was elected president of General Mills Inc.

A more recent position was joining the board of directors of AxisPointe Inc. in March 2008.

He also served in many church leadership positions, including being a stake president of the Minneapolis Stake.

Outgoing Deseret Management leader Brady has received the Citizen Diplomat of the Year award from the International Visitors Utah Council, among his many honors.

Brady, who was born and grew up in the Sandy area, is a former president of Weber State University in Ogden and former president and CEO of Bonneville International.

E-mail: lynn@desnews.com