Kraft Announces Post-Split Leadership
12/05/2011 - Northfield, Ill. - Today Kraft Foods Inc., which has been working through the tremendous details involved in splitting their company into two world-class public companies, released the names of the executives its Board of Directors have named to run the individual companies once the separation is finalized (late 2012).
Once completed, the company that will own the global snacks business will be run by current Kraft Foods Chairman and CEO, Irene B. Rosenfeld. In 2010, the brands that make up global snacks, had an estimated $31 billion in revenue and a significant presence in fast-growing, international markets.
North American grocery, will encompass the remaining non-snack brands which made it a $17 billion business in 2010 and, on its own, one of the largest food and beverage companies in the world. W. Anthony (Tony) Vernon, will become CEO of the North American grocery company once the separation is finalized.
New to the group will be John T. Cahill, currently an Industrial Partner of private equity firm Ripplewood Holdings LLC. Cahill 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.”
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