Heads roll at Kraft as CEO names new team
(Reuters) — Irene Rosenfeld, the new chief executive of Kraft Foods Inc., on Tuesday named her management team, adding the new post of chief marketing officer and pulling from the ranks of current employees of the company.
Kraft also said four executives would leave, including Dave Johnson, who had been president of the company's North America Commercial division.
The new structure moves more of the day-to-day decision-making to the leaders of the company's business units, Kraft said in a news release.
The changes come from Rosenfeld's desire to make cultural changes at the company, "making the organization more entrepreneurial and moving decision making to lower levels, while at the same time setting up an organizational structure that can better and more quickly anticipate and react to consumer trends," Pablo Zuanic, analyst at J.P. Morgan Securities, said in a research note.
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Johnson's replacement will be Rick Searer, a 25-year Kraft veteran who most recently ran the company's North America convenient meal business.
Jeri Finard was named to the new post of chief marketing officer, heading a group that combines the company's global category development and global marketing resources and initiatives functions. Finard had been the head of global category development.
David Brearton was named executive vice president for global business services and strategy, and Marc Firestone was named executive vice president for corporate and legal affairs and general counsel.
Aside from Johnson, Linda Hefner, executive vice president for global strategy & business development, has decided to pursue an opportunity outside Kraft and will leave after a transition period.
Hugh Roberts, executive vice president for the company's international commercial business, plans to retire, and the company is conducting an outside search for his replacement. Paula Sneed, executive vice president of global marketing resources and initiatives, is also leaving, Kraft said.
Kraft shares were up 5 cents at $33.82 on Tuesday afternoon on the New York Stock Exchange.
