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Kraft has a busy month buying, selling, changing CEOs.(CORPORATE FINANCE)(getting ready for a break with Philip Morris Cos)(Brief article)
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Food Processing
- Article date:
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August 1, 2006
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Copyright informationCOPYRIGHT 2006 Putman Media, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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KRAFT FOODS INC., NORTHFIELD, Ill., had an eventful month, firing its CEO, getting ready for a break with Philip Morris Cos., buying one business and selling another.
Roger Deromedi, who spent 29 years with Kraft or predecessor companies and was CEO the past five years (2 1/2 years as a co-CEO), was fired in late June. He was replaced by Irene Rosenfeld, chairman/CEO of Frito Lay. Before joining that PepsiCo division in September of 2004, Rosenfeld spent 20 years at Kraft.
Less than a month later, Kraft surprised many on Wall Street with a 44 percent increase in profits for its second quarter, and it raised its full-year ...
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