Approved by more than 90 percent of shareholders who voted, Kraft Foods Inc.'s name will be changed to Mondelez International Inc. The new name will become effective at the time of the planned spin-off of the company's North American grocery business. Kraft Foods Inc.
Hostess Brands Inc., in its second Chapter 11 bankruptcy in recent years, announced that Gregory F. Rayburn, "a seasoned turnaround executive" has been named president and CEO. He succeeds Brian Driscoll, who resigned March 9. Rayburn was with Kobi Partners L.L.C., a restructuring advisory services firm based in Winston-Salem, N.C.