Kraft Foods to Launch Two New Business Units
NORTHFIELD, Ill. -- Kraft Foods Group will divide the brands in its grocery segment to create two new, standalone business units: meals and desserts, and enhancers and snack nuts.
The move, effective July 1, is designed to enable the Northfield, Ill.-based company to place a greater focus on brand-building while reducing the complexity of managing its product portfolio.
"Since we launched the new Kraft, we've focused heavily on turbo charging our iconic brands. And we've made a lot of progress thanks to great marketing and innovation," said CEO Tony Vernon. "With the creation of our two newest business units and great leaders in place, we're taking an important step to strengthen our focus on some of the most beloved brands in North America."
Michael Osanloo, current executive vice president and president of Kraft’s grocery business, will assume the same roles with the meals and desserts unit. Jane Hilk, a 22-year Kraft veteran who currently serves as senior vice president of marketing for the Oscar Mayer brand, will take on the role of executive vice president and president of the enhancers and snack nuts unit. Both will report to Vernon.
"These businesses have many of Kraft's most well-known and celebrated brands," Vernon added. "I'm excited to have two of our most seasoned and strategic leaders bringing their considerable talents to these brand franchises."
Kraft Foods Group Inc. is one of North America's largest consumer packaged food and beverage companies, with annual revenues of more than $18 billion. Kraft will begin reporting the financial results of these new business units as separate segments at the end of its 2013 fiscal third quarter.