Kraft Foods Inc replaced its Chief Executive Roger Deromedi on Monday, effective immediately. The company said Irene B. Rosenfeld will become chief executive officer and that Deromedi mutually agreed with Kraft's board to step down.
Rosenfeld most recently served as chairman and chief executive officer of PepsiCo Inc's Frito-Lay unit. "While the fundamentals of the business continue to improve, we are confident that Irene will accelerate the execution of Kraft's growth strategy, build value for shareholders, and lead Kraft when it becomes a fully independent company," Kraft Chairman Louis Camilleri, who also serves as chairman and CEO of Altria Group Inc, said in a statement.