Kraft CEO steps down

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CEO was "instrumental" in leading the creation of Kraft Foods Group two years ago

Kraft CEO Tony Vernon is set to leave the company after two years in the role, and will be replaced by Chairman John Cahill.

Vernon has been CEO since 2012 when Kraft Foods Group spun off from Mondelez International but Kraft said now that "with the company on solid footing after the spin-off" it was now time for new leadership to "fulfil" the potential of the business as an "industry leader." 

As a result, Vernon had decided to retire from the business, it said.

Mackey J. McDonald, lead independent director of Kraft Foods Group, said, "Tony has been a passionate leader, and was instrumental in leading the creation of Kraft Foods Group two years ago as a result of the spin-off from Mondelez.

"He has championed culture, brand-building and innovation during his tenure, which has led to multiple successful new products and brand rejuvenations, and raised the bar on recruitment and talent development.

"I want to extend my gratitude to Tony for his leadership and many contributions to Kraft on behalf of the board."

In October, Kraft reported an 11 percent drop in third-quarter profits.

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