US: Kraft Foods appoints leaders for independent companies
Anthony Vernon will head up Kraft's grocery business
Kraft Foods has named the CEOs of the two companies that will be created as part of its split of the business.
In August, the US food giant announced plans to break-up the group to create a global snacks company and a North America-based grocery firm. As part of the move, chairman and CEO Irene Rosenfeld was yesterday (5 December) appointed to lead the global snacks business, while Anthony Vernon will head up the grocery business.
Vernon is currently executive VP and president of Kraft Foods North America.
As part of the split, Kraft's Tang powdered beverages will sit in the global snacks business, while Capri Sun beverages will join the grocery business.
In addition, John Cahill, industrial partner of US private equity firm Ripplewood Holdings, has been lined up as chairman of North American grocery. Cahill will initially be the firm's executive chairman, a position he will take next month. Kraft said the decision reflected the "tremendous effort required to launch and transition to a public company".
Rosenfeld and Vernon will take on their new roles when the companies launch. The two businesses are expected to be in place by the end of 2012.
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