Filed under: Company News, Consumer Goods, Food & Beverage, CEOs
NORTHFIELD, Ill. -- Kraft Foods Group (KRFT) says that CEO Tony Vernon plans to retire later this month. The company named Chairman John Cahill as his successor.Vernon has served as CEO since the consumer packaged food and beverage company's spinoff from Mondelez International (MDLZ) in October 2012. Before that, he was the company's executive vice president and president of Kraft Foods North America.
Kraft's brands include Jell-O, Maxwell House, Oscar Mayer and its namesake, among others.
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.
"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," Mackey J. McDonald, lead independent director, said in a statement Thursday.
Vernon said that he feels "now is the right time to step back and devote time to the one thing I love more than our brands my family."
Cahill, 57, previously served as chairman and CEO of The Pepsi Bottling Group. He joined Kraft in January 2012 as Executive Chairman Designate of the North American grocery business. He became executive chairman at the company's spinoff and transitioned to a non-executive chairman role in March.
Shares of Kraft Foods rose $1.68, or 2.8 percent, to $61.24 in morning trading after hitting a high for the year of $61.47 earlier.