Kellogg CEO to Step Down
NEW YORK (TheStreet) -- The CEO of top food producer Kellogg (K) - Get Report, David Mackay, has notified the company's board of directors of his plan to retire effective Jan. 1.
Kellogg's chief operating officer and a current board member, John Bryant, has been elected as Mackay's replacement, effective Jan. 2.
Bryant joined Kellogg in 1998, leading the Kellogg North America and Kellogg International business units and served as chief financial officer from 2002 to 2004 and from 2006 to 2009. He became chief operating officer in 2008. In Jul. 2010, he was elected to the board of directors.
The company said Mackay will work closely with Bryant and his team through Mar. 31 to assist with the transition.
Mackay has worked for Kellogg for two decades and served as its CEO for the past four years.
"This past summer, I became eligible to retire and made a commitment to spend more time with my family. I am pleased to pass the baton to John, whose management capabilities and wealth of experience have prepared him well to drive our business agenda for 2011 and beyond," he wrote in a prepared statement.
Kellogg reaffirms its 2010 and 2011 guidance. For fiscal 2010, the company expects internal net sales to be down about 1%, internal operating profit to be about flat and full-year earnings per share growth of 4% to 5%. For 2011, the company expects low single-digit internal net sales growth, flat to down 2% internal operating profit and low single-digit earnings per share growth.
Shares of Kellogg are down 0.3% to $49.35 shortly after the market open Monday.
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-- Written by Andrea Tse in New York.
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