In the next step toward launching two public companies, the Kraft Foods Inc. Board of Directors has made the appointments of the chairmen and CEOs of the future global snacks and North American grocery companies. As previously announced, the company expects to complete the spin-off by the end of 2012.
When the new companies launch:
- John T. Cahill, 54, currently an industrial partner of private equity firm Ripplewood Holdings LLC, will become non-executive chairman of the North American grocery company. Initially, he will serve as executive chairman and will join Kraft Foods in January to begin work on the separation;
- W. Anthony (Tony) Vernon, 55, currently executive VP and president of Kraft Foods North America, will become CEO of the $17 billion North American grocery company, one of the largest food and beverage companies on the continent; and
- Irene B. Rosenfeld, 58, currently chairman and CEO of Kraft Foods, will be chairman and CEO of the global snacks company, with $31 billion in estimated revenue and a significant presence in numerous fast-growing, international markets.
“Irene, John and Tony are three of the finest executives in business today,” said Mark Ketchum, lead director of 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.”