NORTHFIELD ILLINOIS - Kraft Foods has ousted its ceo of five years standing, Roger Deromedi, in favor of former company veteran Irene Rosenfeld.
She has been chairman/ceo of Frito-Lay, PepsiCo's most profitable operating unit, for two years. Rosenfeld left Kraft in 2003 after twenty years when she was passed over for the post of co-ceo.
Her appointment is "effective immediately" and reflects the company's growing concern at Deromedi's lack of success in boosting earnings. Kraft's chief brands include Maxwell House coffee, Oreo cookies and Philadelphia cream cheese.