By Chelsey Dulaney
Kraft Foods Group Inc. on Thursday said Chief Executive Tony
Vernon will retire by the end of the year, naming its board
chairman and PepsiCo Inc. veteran John Cahill as his successor to
the top executive spot.
Mr. Vernon led the company through being spun off from its
snacks business, now known as Mondelez International Inc., in 2012.
Mr. Vernon plans to retire on Dec. 27, but will stay on as a senior
adviser through March.
Mr. Cahill, 57 years old, was previously chief executive of
Pepsi Bottling Group Inc., a leading bottler in the PepsiCo
network, after spending nine years at the beverage and food
company. He joined Kraft in 2012 as an executive chairman-designate
ahead of the spinoff.
Kraft is home to supermarket mainstay brands such as Oscar
Mayer, Maxwell House, Velveeta, Kool-Aid and Jell-O. The company's
results have been pressured in recent quarters by changing consumer
tastes and high commodity prices.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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