Kraft Foods names new CEO

Kraft Foods Group Inc. says that CEO Tony Vernon plans to retire later this month, and the company has named Chairman John Cahill as his successor.

Vernon will retire on Dec. 27, the last day of the company's fiscal year. He will stay on as a senior adviser through March 31 and as a director until the company's next annual meeting in 2015.

"Tony has been a passionate leader, and was instrumental in leading the creation of Kraft Foods Group two years ago as a result of the spinoff from Mondelez International, Inc. He has championed culture, brand-building and innovation during his tenure, which has led to multiple successful new products and brand rejuvenations, and raised the bar on recruitment and talent development. I want to extend my gratitude to Tony for his leadership and many contributions to Kraft on behalf of the board,” said Mackey J. McDonald, lead independent director of Kraft Foods Group.

John Cahill, 57, said: "I'm honored to be appointed CEO, and 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.

"I also want to extend my thanks and gratitude for Tony's commitment, leadership and passion for the brands and the people of Kraft during these past two-plus years. He has transformed the company and set it on a path to success."

Cahill was previously chairman and CEO of Pepsi Bottling Group and under his leadership, he and his team turned Pepsi Bottling into the leading bottler in the PepsiCo network, gaining market share in key regions, driving double-digit growth in international territories and improving sales execution and financial performance.

Kraft Foods Group's brands include Kraft, Capri Sun, Jell-O, Kool-Aid, Lunchables, Maxwell House, Oscar Mayer, Philadelphia,Planters and Velveeta.