Kraft Makes Changes At The Top
By George Anderson
The Associated Press reported Kraft Foods has demoted Betsy Holden from her position as co-chief executive officer of the company making Roger Deromedi the sole CEO.
Ms. Holden’s new role in Kraft Foods, if there is to be any, was not disclosed at the time of this report being filed. She remains on Kraft’s board of directors.
The move does not come as a total surprise as Ms. Holden has been taking heat from analysts and stockholders over the company’s un-Kraft-like performance of late.
Kraft company spokesperson Michael Mudd, explained the reason behind the move. “We just went through a very unusual period in the company’s history when we went public and at
the same time were integrating Nabisco (acquired in 2000). With that phase behind us, the board reached the conclusion that a single CEO, Roger, was the best way for Kraft to
elevate its performance and achieve its full growth potential.”
Moderator’s Comment: What does Roger Deromedi need to do in the U.S. business now that he is the sole chief executive of Kraft Foods? What are his larger
Kraft’s board has decided that two heads are not better than one.
According to our sources, Roger Deromedi is said to be an able leader and a strong strategic thinker. Of course, we also heard the same exact thing about
Betsy Holden. [George
Anderson – Moderator]