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NORTHFIELD, Ill. — Kraft Foods Group Inc. has named John Cahill, chairman of the board of directors, to the additional position of chief executive officer.
Kraft Foods Group Inc. has named John Cahill, chairman of the board of directors, to the additional position of chief executive officer.
Cahill will succeed Tony Vernon, who informed the board that he intends to retire as CEO on December 27. Vernon will stay on as a senior advisor through March 31, 2015, and as a director until the company’s next annual meeting.
The 57-year-old Cahill said he was honored to be appointed CEO. "I’m excited to lead Kraft through the opportunities and challenges that lie ahead. Since the launch of Kraft, I have worked closely with the senior leaders of the company and its world-class brand portfolio. The industry is undergoing a great deal of rapid change, and it is important that we keep pace and indeed stay ahead of these changes as we build a stronger Kraft.
"While our immediate priority will be to remain focused on delivering results, we will also take a fresh look at the business to prioritize our investments and focus on sustainable profit growth. I look forward to working with our talented team at Kraft on these efforts as we build upon the accomplishments over the last two years. We will have more to say about that in early 2015."
Previously, Cahill served as chairman and CEO of Pepsi Bottling Group, and under his leadership his team gained market share in key regions, driving double-digit growth in international territories and improving sales execution and financial performance.
Vernon has served as CEO since the company’s spin-off from Mondelez International Inc. in 2012. Prior to that, he was the company’s executive vice president and president, Kraft Foods North America.
"With the company on solid footing after the spin-off, the time is right for new leadership to fulfill our potential as the industry leader. The board and Tony agree that we need to accelerate the pace of change," said Mackey McDonald, lead independent director of Kraft Foods.
Vernon said, "It has been a privilege to lead Kraft and establish it as an independent company. It has been rewarding to see the team’s many ideas bear fruit in the marketplace as together we launched an $18 billion start-up with the soul of a powerhouse."
