Kraft Foods selects Rosenfeld as new CEO

Rosenfeld

The board of directors of Northfield, Ill.-based Kraft Foods Inc. on June 26 announced the appointment of Irene B. Rosenfeld as chief executive officer, effective immediately. She replaces Roger K. Deromedi, who has mutually agreed with the board to leave the company to pursue other interests. Rosenfeld was most recently chairman and chief executive officer of Frito-Lay, a division of PepsiCo.

"The entire Board is delighted to have Irene in place. 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 C. Camilleri, chairman of the board of Kraft Foods.

Camilleri added, "Irene is one of the most talented and respected executives in the consumer goods industry and we are thrilled that she is coming home to Kraft. 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."

"I am deeply honored to lead Kraft in the years ahead," said Rosenfeld. "I genuinely love this company, its brands, its people and its values. I believe that we have a very bright future ahead of us and look forward to working with the board and our management team to assure Kraft's leadership in the food and beverage industry."

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, Rosenfeld led the successful integration of the $19 billion Nabisco acquisition as well as the restructuring and turnaround of a number of key businesses. She holds a PhD in Marketing and Statistics (1980), an MS in Business (1977) and a BA in Psychology (1975) from Cornell University.

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 is the world's second-largest food and beverage company. For more information, visit www.kraft.com.