Kraft Abandons Dual-CEO Structure
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Kraft Foods Inc., under pressure from Wall Street to turn around its North American food business, removed Co-Chief Executive Betsy Holden and put her counterpart Roger Deromedi in charge of the company.
With the change, rumored for months, the food company is abandoning an often-criticized joint leadership structure.
Holden will assume an unspecified global leadership role with the Northfield, Ill.-based company, whose products include Velveeta cheese and Altoids mints. She also will remain on the company’s board.
Shares of Kraft fell 24 cents to $31.59 on the New York Stock Exchange.
From Reuters
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