Tony Vernon plans to retire as CEO of Kraft Foods before the end of 2014. John Cahill, chairman of the company, has been named Vernon’s replacement.
Kraft Foods, a multifaceted food and beverage company, sells meat and poultry products under the Oscar Mayer, Louis Rich and Lunchables brands. Kraft Foods is also the sixth largest turkey processor in the United States, processing 280 million pounds in 2013, according to the WATT Global Media Top Companies Database.
Vernon has served as CEO since the Kraft's spinoff from Mondelez International Inc. in October 2012. Prior to that, Vernon was the company's executive vice president and president of Kraft Foods North America.
Vernon plans to retire from the CEO post on December 27, but he will remain with the Northfield, Illinois-based company through March 31, 2015, as a senior adviser, reported NewsOK. He will also continue as a board member until the next annual meeting. Vernon will be 59 when he retires as a director.Cahill, 57, previously served as chairman and CEO of The Pepsi Bottling Group Inc. He joined Kraft in January 2012 as executive chairman sesignate of the North American grocery business. He became executive chairman at the company's spinoff and transitioned to a non-executive chairman role in March.