Northfield / IL. (kfg) Kraft Foods Group Inc. announced that its board of directors has named John Cahill, Chairman of the Board of Directors, to the position of Chairman and Chief Executive Officer of Kraft Foods. Cahill will succeed Tony Vernon, who has informed the board of his intention to retire as CEO on December 27, 2014, the last day of the company´s fiscal year. Vernon will stay on as a senior advisor through March 31, 2015 and as a director until the company´s next annual meeting in 2015.
On behalf of the board of directors, Mackey J. McDonald, Lead Independent Director of Kraft Foods Group, said, «Tony has been a passionate leader, and was instrumental in leading the creation of Kraft Foods Group two years ago as a result of the spin-off from Mondelez International Inc. He has championed culture, brand-building and innovation during his tenure, which has led to multiple successful new products and brand rejuvenations, and raised the bar on recruitment and talent development. I want to extend my gratitude to Tony for his leadership and many contributions to Kraft on behalf of the board».
«With the company on solid footing after the spin-off, the time is right for new leadership to fulfill our potential as the industry leader. The board and Tony agree that we need to accelerate the pace of change».
Vernon, who will be 59 when he retires as a director, has served as CEO since the company´s spin-off from Mondelez International in October 2012. Prior to that, Vernon was the company´s Executive Vice President and President, Kraft Foods North America.
Cahill was previously Chairman and Chief Executive Officer of Pepsi Bottling Group and under his leadership, he and his team turned Pepsi Bottling into the leading bottler in the PepsiCo network, gaining market share in key regions, driving double-digit growth in international territories and improving sales execution and financial performance.