Kraft Foods

(KFT)

and CEO Roger Deromedi have decided to part ways, and the company is bringing back a former executive to run its business.

Details about Deromedi's departure weren't offered, other than Kraft saying he had "mutually agreed" with the board to leave the company and pursue other interests.

Replacing him as CEO will be Irene Rosenfeld, who had been chairman and CEO of Frito-Lay, a division of

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. Before joining Frito-Lay in 2004, Rosenfeld spent more than 20 years with Kraft and General Foods, holding a number of management positions in the U.S., Canada and Mexico. She ultimately served as president of Kraft's North American business.

"The entire board is delighted to have Irene in place," said Louis Camilleri, chairman of Kraft. "While the fundamentals of the business continue to improve, we are confident that Irene will accelerate the execution of Kraft's growth strategy, build value for shareholders, and lead Kraft when it becomes a fully independent company."

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, Kraft's parent company, is spinning off its stake in the food giant, currently more than 80%. Kraft, whose brands include Maxwell House and Oscar Mayer, is undertaking a multiyear restructuring plan to reduce expenses and streamline its brands.

Of Deromedi, Camilleri's statement said he "brought a global perspective, emphasized a commitment to acting responsibly, and charted a course for growth that, I believe, will benefit Kraft for years to come. We thank him for his hard work and wish him well for the future."

Shares of Kraft were down 12 cents, or 0.4%, at $30.82.