NORTHFIELD, Ill. -- Kraft Foods Inc.'s board has appointed Irene B. Rosenfeld as CEO, effective immediately, replacing Roger K. Deromedi, who has mutually agreed with the board to leave the company to pursue other interests. Rosenfeld was most recently chairman and CEO of Frito-Lay, a division of PepsiCo.
"While the fundamentals of the business continue to improve, we are confident that Irene will accelerate the execution of Kraft's growth strategy, build value for shareholders, and lead Kraft when it becomes a fully independent company," said Louis [image-nocss] C. Camilleri, Kraft's chairman.
He added, "Irene is one of the most talented and respected executives in the consumer goods industry. She has repeatedly demonstrated her ability to drive innovation throughout her career. Her decisiveness, personal warmth, and emotional intelligence are invaluable assets. Irene has a wealth of experience in all of Kraft's businesses and is uniquely qualified to lead Kraft during these challenging and exciting times."
Prior to joining Frito-Lay in 2004, Rosenfeld spent more than 20 years with Kraft and General Foods. She held a number of key management positions in the United States, Canada and Mexico, culminating in her appointment as president of Kraft's North American business. Among her many accomplishments at Kraft, she led the integration of the $19 billion Nabisco acquisition as well as the restructuring and turnaround of a number of key businesses.
Regarding Deromedi, Camilleri said, "As CEO of Kraft, Roger brought a global perspective, emphasized a commitment to acting responsibly, and charted a course for growth that, I believe, will benefit Kraft for years to come. We thank him for his hard work and wish him well for the future.
Kraft Foods, Northfield, Ill., is the world's second-largest food and beverage company. Kraft brands include Kraft cheeses and dinners, Jacobs, Gevalia and Maxwell House coffees, Oscar Mayer meats, DiGiorno pizzas, Oreo cookies, Ritz and Wheat Thins crackers and chips, Philadelphia cream cheese, Milka and Cote d'Or chocolates, Honey Bunches of Oats cereals, Good Seasons salad dressings and Tang refreshment beverage, as well as its Tassimo hot beverage system, South Beach Diet line and a variety of better-for-you Sensible Solution products.
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