The new snack food company resulting from the Kraft Foods split may not have a name, but it at least has a leader. Irene Rosenfiled will be taking the helm of the new snack company that will be formed as a result of splitting the giant food company in two.
Rosenfeld, 58, has been ceo of Kraft Foods since 2006 and chairman since 2007.
The new company is expected to reap $31 billion in estimated revenue, the company says.
“Irene was the obvious choice to lead the global snacks company,” says Mark Ketchum, lead director, Kraft Foods Inc. Board of Directors. “As a result of her bold vision, courage to transform Kraft Foods’ portfolio and investment in core brands and high-growth developing markets, we are now able to launch two formidable world-class companies.”
After the transition, Kraft Foods will become solely a grocery company and will go by the same name.
W. Anthony (Tony) Vernon, 55, will serve as as ceo, while John Cahill, 54, will serve as executive chairman. Vernon currently serves as executive vice president and president of Kraft Foods North America, and Cahill currently serves as industrial partner of private equity firm Ripplewood Holdings, LLC. He will join Kraft Foods in January to begin work on the separation.
The company expects to complete the spin-off by the end of 2012.
“Irene, John and Tony are three of the finest executives in business today,” Ketchum says. “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.”