John Cahill to Succeed Tony Vernon as Kraft CEO

Kraft Foods Group has named Board Chairman John Cahill to the position of chairman and CEO, succeeding Tony Vernon, who will retire on Dec. 27.

Cahill joined Kraft on Jan. 2, 2012 as executive chairman designate, North American Grocery, and became executive chairman when the company spun off from Mondelez International in October of that year. He transitioned to a non-executive chairman role on March 8, 2014.

Prior to Kraft, Cahill spent nine years with The Pepsi Bottling Group Inc., most recently as chairman and CEO from 2003 to 2006 and executive chairman until 2007. He also served with PepsiCo Inc. in various leadership positions.

"While our immediate priority will be to remain focused on delivering results, we will also take a fresh look at the business to prioritize our investments and focus on sustainable profit growth," Cahill said. "I look forward to working with our talented team at Kraft on these efforts as we build upon the accomplishments over the last two years."

Vernon, who retires as CEO and director of Kraft Foods Group, served as Kraft Foods North America EVP and president, until he was named to his current position in October of 2012. Prior to joining Kraft in August 2009, Vernon spent 23 years with Johnson & Johnson.

"I've worked in close partnership with John Cahill, an outstanding executive in the consumer industry, and have no doubt that the Kraft team will benefit from his strong leadership in the months and years to come," said Vernon, who will stay on as a senior advisor through March 31, 2015 and as a director until the company's next annual meeting in 2015.

Northfield, Ill.-based 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.