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U.S. markets recover from steep losses
NORTHFIELD, Ill., June 26 (UPI) -- Kraft Foods Inc. of Northfield, Ill., has replaced its chief executive, Roger K. Deromedi, effectively immediately, the company said Monday.
Deromedi has "mutually agreed with the board to leave the company to pursue other interests," the statement said. Such phraseology typically connotes a dismissal.
Deromedi is being replaced by Irene B. Rosenfeld, recently chief executive officer of Frito-Lay, a division of PepsiCo.
Prior to joining Frito-Lay in 2004, Rosenfeld spent more than 20 years with Kraft and General Foods. She held a number of key management positions in the United States, Canada and Mexico, culminating in her appointment as president of Kraft's North American business. Among her many accomplishments at Kraft, Rosenfeld led the highly successful integration of the $19 billion Nabisco acquisition as well as the restructuring and turnaround of a number of key businesses.
Rosenfeld holds a Ph.D. in Marketing and Statistics, an M.S. in Business and a BA in Psychology, all from Cornell University. She currently serves on the school's board of trustees.
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