Kraft Foods Group’s board of directors has approved the transition of Executive Chairman John Cahill to non-executive chairman of Kraft’s board on March 8.
“Today’s announcement reflects the board’s confidence in the progress of our business,” said Mackey J. McDonald, lead director for Kraft Foods Group’s board of directors. “John has been instrumental in establishing Kraft as a formidable independent company. We are pleased that he will continue to lead the board and work with management to sustain our momentum.”
Cahill joined Kraft Foods Inc. in January 2012 as the executive chairman designate for the new Kraft. He became executive chairman of Kraft Foods Group at its spin-off from Mondelez International on Oct. 1, 2012. With Kraft reporting solid results this week for its first full year as an independent company, the company says Cahill’s transition to non-executive chairman is consistent with its plans.
“I want to thank John for his partnership in building the foundation for the new Kraft,” said Kraft CEO Tony Vernon. “During a time of significant change, we have benefited greatly from John’s deep knowledge of the food and beverage industry, financial acumen and experience in spinning off public companies. I look forward to working with John and the board as we continue to remake Kraft.”
