Kraft Names Snacks, Grocery Heads
"Irene, John and Tony are three of the finest executives in business today. 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," lead director Mark Ketchum said in a statement.
Rosenfeld is currently serving as the chairman and CEO of Kraft Foods and has about 30 years experience in the food and beverage industry. She joined Kraft Foods in June 2006 as CEO and became chairman in March 2007, following the company's spin off from Altria Group Inc. (MO).
Rosenfeld began her career in consumer research, then joined General Foods, which later became part of Kraft Foods. She then took a short break from Kraft Foods in 2004, serving for two years as chairman and CEO of Frito-Lay.
Vernon joined Kraft Foods in August 2009 as the executive vice president and president of Kraft Foods North America and is currently serving at the same positions. He came to Kraft Foods from private equity firm Ripplewood Holdings, where he served since 2006 as the healthcare industry partner. Prior to that, Vernon led a number of Johnson & Johnson's (JNJ) largest franchises during a 23-year career.
Cahill is currently an industrial partner of private equity firm Ripplewood Holdings LLC. He will now take over as the non-executive chairman of the North American grocery co., and will join Kraft Foods in January. Cahill has exceptional food and beverage experience, including several senior finance positions with PepsiCo Inc. and KFC. He also served as chairman and CEO of The Pepsi Bottling Group Inc.
The Northfield, Ill.-based world's second largest food company announced in early August its plan to create two independent public companies. The plan will create a high-growth Global Snacks company with estimated revenues of around $31 billion and a high-margin North American Grocery company with estimated revenues of around $17 billion.
Global snacks will consist of the current Kraft Foods Europe and Developing Markets units as well as the North American snacks and confectionery businesses. Its powerful brands will include Cadbury chocolates, Jacobs coffee, LU biscuits, Milka chocolate, Nabisco cookies and crackers, Oreo biscuits, Tang drink and Trident gum.
Meanwhile, the North American grocery business will comprise the current U.S. Beverages, Cheese, Convenient Meals and Grocery segments and the non-snack categories in Canada and Food Service. Its powerful brands will include Kraft, Maxwell House Coffee, Oscar Mayer meats and Philadelphia cream cheese.
From the December 5, 2011, Prepared Foods' Daily News.