Northfield / IL. (kf) In the next step toward launching two world-class public companies, the Kraft Foods Inc. Board of Directors announced the appointments of the Chairmen and Chief Executive Officers of the future global snacks and North American grocery companies. As previously announced, the company expects to complete the spin-off by the end of 2012. When the new companies launch:
- Irene B. Rosenfeld, 58, currently Chairman and CEO of Kraft Foods, will be Chairman and CEO of the global snacks company, with 31 billion USD in estimated revenue and a significant presence in numerous fast-growing, international markets.
- W. Anthony (Tony) Vernon, 55, currently Executive Vice President and President, Kraft Foods North America, will become Chief Executive Officer of the 17 billion USD North American grocery company, one of the largest food and beverage companies on the continent.
- John T. Cahill, 54, currently an Industrial Partner of private equity firm Ripplewood Holdings LLC, will become Non-Executive Chairman of the North American grocery company. Initially, he will serve as Executive Chairman, reflecting the tremendous effort required to launch and transition to a public company. Cahill will join Kraft Foods in January to begin work on the separation.
«Irene, John and Tony are three of the finest executives in business today», said Mark Ketchum, Lead Director, Kraft Foods Inc. 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».
As CEO of Kraft Foods since 2006 and Chairman since 2007, Rosenfeld has led Kraft Foods´ transformation, improving the face, footprint and prospects of the company and enabling it to deliver top-tier results. She has 30 years of accomplishments in the food and beverage industry. These include building several major businesses; integrating Nabisco; leading Kraft Foods through its spin-off from Altria to emerge as a strong, independent company; and devising strategies that included the transformative LU and Cadbury acquisitions.
Vernon joined Kraft Foods in 2009 as President of its North American business. His emphasis on power brands, marketing innovation and astute cost management has enabled the North American business to outperform its peers in a very challenging environment.
Cahill has exceptional food and beverage experience, including several senior finance positions with PepsiCo and KFC. He served as Chairman and CEO of The Pepsi Bottling Group, the highly successful beverage business that separated from PepsiCo in 1999. Today, in addition to his role as a partner of Ripplewood Holdings, he serves on the Boards of Colgate-Palmolive and Legg Mason.
Until the spin-off, the management structure of Kraft Foods will remain in place. Rosenfeld and her executive team will continue to focus on delivering 2011 and 2012 business results as well as flawlessly executing the separation.