Earlier this month Fortune reported that 17 CEOs of public Big Food manufacturers and retailer had left their perches—or announced their intention to—in the last year and a half.
Today that number ticks up to 18.
Kellogg announced that John A. Bryant, who has been in the role since January 2011, will retire next week after 20 years at the company. He joins industry stalwarts like Mondelez’s Irene Rosenfeld, Coca-Cola’s Muhtar Kent, and Ken Powell of General Mills, who have exited the top job, or soon will.
Bryant’s departure follows a pattern that we’ve now seen repeated in the industry: Longtime CEOs are stepping aside as they battle activist investors, the pressure to implement the 3G-backed Kraft Heinz model of cost cutting, consumers eschewing their processed products, and pressure to slash their prices from retailers fending off Amazon.
To be sure, many of the transitions follow the natural course of succession as executives approach the age of 65. But many industry insiders have said this is the most disruptive and challenging period they’ve ever seen in the industry. And Kellogg is not immune: Last month the company reported a nearly 2% decline in revenue as consumers opted for fresher fare.
Kellogg spokesperson Kris Charles told Fortune that it was Bryant’s decision to retire. ” No time is perfect, but he felt this was a good time to transition.” Bryant w ill stay on on as executive chairman until March 15.
Bryant’s replacement is Steven Ca hillane, who is the CEO of vitamin and supplement company Nature’s Bounty. The pick is somewhat outside the box for the packaged food industry, which has tended to go with company lifers. But some companies have increasingly shown a willingness to bring in some fresh blood and thinking as their sector is rocked.
Now it will be Cahillane’s job to apply his health and wellness background to selling Cheez-Its, Pringles, and Fruit Loops.
By Beth Kowitt
Source: Fortune
Ferrero North America has opened its new Kinder Bueno production facility in Bloomington, Illinois, US. The expansion, which is the result of a $214 million investment, was first announced in November 2022 and has created around 200 new jobs and is set to drive Ferrero’s market expansion.
Chiquita Brands – in collaboration with KeyGene, MusaRadix and Wageningen University and Research – has unveiled a new banana hybrid named ‘Yelloway One’. This variety is engineered to resist Tropical Race 4 (TR4) and show partial resistance to Black Sigatoka, two fungal diseases that pose severe threats to global banana production.
PepsiCo is planning to acquire packaged food business Siete Foods in a US$1.2 billion deal to “bring a rich, new aspect” to its portfolio. The move will add Mexican-American foods like tortillas, salsas, seasonings, sauces, cookies and snacks to PepsiCo’s range of products.
