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Paul S. Michaels, president of multi-brand supplier Mars Inc., plans to retire on Dec. 31. Grant F. Reid, current global president of Mars Chocolate, will take over the office on Jan. 2, 2015.
"In his almost 11 years at the helm of Mars, Paul has overseen a period of outstanding business performance and tremendous achievement," said Victoria B. Mars, chairman of the Mars board of directors. "He also built up the talent of the company while strengthening the visible presence of our five principles -- quality, efficiency, responsibility, mutuality and freedom -- in the way we operate.
"It's because of his focus on nurturing leaders who are both talented and principled, that we have such a strong internal successor in the business," Mars added. "We are proud and excited that Grant, a 26-year veteran of the business, and a member of the Mars leadership team since 2007, will be our next president."
As global president of Mars Chocolate, one of Mars' biggest business segments, Reid delivered consistent growth in mature and emerging markets, according to the company. In addition, he has been a champion of industry efforts to collaborate on the issue of cocoa sustainability. In particular, he has grown Mars' Sustainable Cocoa Initiative, which aims to put "farmers first" in its efforts to increase sustainable farming practices and crop productivity.
Reid will step into a co-office of the president role effective July 2, giving him time to work with Michaels on transition plans.
Based in McLean, Va., Mars has net sales of more than $33 billion and includes six business segments: Petcare, Chocolate, Wrigley, Food, Drinks and Symbioscience.