When company splits, Kraft CEO to lead snacks biz
NEW YORK — A few months after the split of Kraft Foods into independent, publicly traded companies was announced by the company's chief executive, new details have emerged regarding who will lead the businesses.
The company's board of directors announced that current CEO Irene Rosenfeld will lead the global snacks company as chairman and CEO, while current EVP and president of Kraft Foods North America, Tony Vernon, will become CEO of Kraft's North American grocery company. In addition, John Cahill will become nonexecutive chairman of the North American grocery company. Cahill currently serves as industrial partner of Ripplewood Holdings, a private equity firm.
“Irene, John and Tony are three of the finest executives in business today,” said Mark Ketchum, lead director of Kraft Foods' board of directors. “Their commitment to shareholder value, passion for brands and focus on sound financial management give the Board great confidence in the future of the snacks and grocery companies.”
The North American grocery company will be called Kraft Foods. The name of the snacks company has yet to be announced, according to published reports.