|Page (1) of 1 - 12/05/11||email article||print page|
Kraft Foods names CEO Rosenfeld as chairman-CEO of global snacks business after company splits
NORTHFIELD, Ill. (AP) ' Kraft Foods Inc., which is splitting its business into two publicly traded companies, has named Chairman and CEO Irene Rosenfeld to head the global snacks company after the breakup.
Rosenfeld, 58, will serve as chairman and CEO of the snacks business which will include brands such as Trident gum and Cadbury chocolate. Rosenfeld has served as CEO of Kraft Foods since 2006 and as chairman since 2007.
The other company, which will focus on the North American grocery business, will be headed by W. Anthony Vernon, who is executive vice president and president of Kraft Foods North America. The 55-year-old Vernon will oversee the Maxwell House coffee, Oscar Mayer meats and other brands. Vernon became president of Kraft Foods North America in 2009.
The grocery business will keep the Kraft Foods name, while a name for the snacks business ' which has yet to be determined ' will be up for a vote at its shareholders meeting in May.
Kraft also said on Monday that John Cahill, industrial partner of private equity firm Ripplewood Holdings LLC, will become non-executive chairman of the grocery business. The 54-year-old Cahill will start out as executive chairman due to the "tremendous effort" needs to launch and transition to a public company, Kraft said.
Cahill, who has served as chairman and CEO of The Pepsi Bottling Group Inc., will start at Kraft in January to start working on the separation.
Rosenfeld and Vernon will take on their new roles when the companies launch. The spinoff is expected to be complete by the end of next year.
Kraft, which is based in Northfield, Ill., said its management structure will stay the same until the spinoff. Last month the company reported that its third-quarter net income rose 22 percent, boosted by higher prices on some of its products that helped offset increased costs for everything from ingredients to packaging.
Its stock slipped 3 cents to $36.44 in morning trading Monday.