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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)

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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