The CEO of Mars Inc. has announced plans to step down later this year, handing the reins to the current head of the company’s pet care unit.
Grant Reid, who has been CEO since 2014, will leave at the end of September and will be replaced by Poul Weihrauch, currently global president of Mars Petcare.
Under Reid’s tenure, Mars sales have grown by more than 50%, to nearly $45 billion, and employees have more than doubled, from 60,000 to more than 140,000. His achievements include ramping up Mars’ digital capabilities and expanding into newer territories like veterinary health, pet services and healthy snacking, according to a statement from board chair Frank Mars.
"While he is too modest to admit it, our significant transformation and record growth as a business would not have happened without Grant's leadership,” Mars said. “He has visibly lived our principles and embedded purpose at the heart of our business strategy.”
Weihrauch joined Mars in 2000 as European brand leaders for its Snickers brand of candy bars. He went on to become president of Global Petcare in 2014 and is credited with doubling the size of that business.