Last updated on September 29th, 2017 at 11:04 am
Kellogg CEO John A. Bryant is retiring. Steven A. Cahillane has been elected CEO of the company, effective Oct. 2. Cahillane has served as president and CEO of The Nature’s Bounty, a health and wellness business, since 2014.
Cahillane also will join the company’s board of directors. Bryant will continue as executive chairman of the board until March 15, 2018, at which time Cahillane will assume the role of chairman and CEO.
“It has been my pleasure to serve as the CEO of Kellogg Co. over the past seven years,” Bryant said. “I am even more confident in the future of our company today than at any other time in my 20 years with Kellogg. I’ve decided that the time is right to hand over the reins to a new leader who can continue the transformation of this great company.”
Bryant said Cahillane is a proven leader with a track record of creating shareholder value. In addition to The Nature’s Bounty, Cahillane has held senior leadership roles at consumer packaged goods companies including Coca-Cola and AB lnBev.
Cahillane previously spent seven years with The Coca-Cola Co., most recently serving as president of Coca-Cola Americas. Other roles there included president and CEO of the Coca-Cola Refreshments business, president of Coca-Cola Enterprises in North America and president of Coca-Cola Enterprises in Europe.
Cahillane also served in senior leadership roles at AB lnBev, including chief commercial officer, in which he led commercial strategy, global marketing, sponsorships, innovation and research following the 2004 merger of lnterbrew and AmBev. His tenure with the company also included serving as CEO for the company’s lnterbrew U.K. and Labatt USA subsidiaries.
“Steve clearly has had a distinguished career leading successful CPG businesses throughout the world, including his terrific work recasting Nature’s Bounty as a consumer-facing health and wellness company,” said Donald Knauss, lead director of the Kellogg board. “With his breadth of experience, he truly understands the global marketplace in which we are operating as well as the consumer and retailer trends that will serve as potent sources of growth for Kellogg going forward. Further, Steve possesses strong strategic thinking ability, understands the levers that drive business performance and has demonstrated an ability to build and inspire outstanding teams. Steve is the right person to energize our teams and bring new thinking to our company as we seek to achieve our long-term growth objectives.”
Knauss added that the board is grateful for Bryant’s leadership.
“As a board, we want to express our thanks to John for everything he has contributed to our company over the course of his Kellogg career,” Knauss said. “This not only includes John’s accomplishments as CEO, such as continuing to transform Kellogg into a global snacks leader and significantly expanding our emerging markets business but also as CFO and in other prior roles. Every step of the way, John has displayed exceptional leadership and an unquestionable commitment to Kellogg’s success. This, as well as his devotion to our Kellogg values, anchored in integrity, has enabled John to build a world-class team of leaders dedicated to realizing this company’s full potential.”
Cahillane earned an MBA from Harvard Business School and a bachelor’s degree in political science from Northwestern University. He serves on the board of directors of Children’s Healthcare of Atlanta and on the board of the Purpose Built Communities Foundation. Cahillane also is a member of the board of trustees of Northwestern University.
“Kellogg is an incredible company with a rich legacy and iconic brands that are beloved around the world,” Cahillane said. “It will be my privilege and honor to work with such a talented group of employees as we pursue the tremendous growth opportunities before us.”
Full-year guidance reaffirmed
Kellogg Co. also reaffirmed its full-year 2017 guidance for currency-neutral comparable net sales, operating profit, earnings per share and cash flow. The company confirmed that its transition out of direct store delivery remains on track and that its underlying sales trends are improving sequentially in the third quarter, as previously forecast. Meanwhile, the company said its comparable-basis profit margins continue to improve, on the strength of its Project K and zero-based budgeting initiatives.
