Kraft names new CEO

Kraft Foods Group’s board of directors has named board chairman John Cahill to the position of chairman and CEO of Kraft Foods.

Cahill, 57, will succeed Tony Vernon, who will retire as CEO on Dec. 27, 2014, the last day of the company's fiscal year.

Vernon, listed in this year's SN Power 50, will stay on as a senior advisor through March 31, 2015, and as a director until the company's next annual meeting in 2015.

"It has been a privilege to lead Kraft and establish it as an independent company,” Vernon said in a statement.

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Cahill joined Kraft on Jan. 2, 2012, as executive chairman designate, North American Grocery, and became executive chairman at the spin-off company. He transitioned to a non-executive chairman role on March 8, 2014.

He previously spent nine years with The Pepsi Bottling Group, as chairman and CEO from 2003 to 2006 and executive chairman until 2007.

"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 in a statement.