Kraft Foods

( KFT) said its board authorized a new share repurchase program covering up to $2 billion of its Class A common stock.

The maker of cheese and Oreos expects to complete its current $1.5 billion repurchase authorization during the first quarter. Purchases under the new buyback plan will begin after the current program is completed and are expected to run through 2008.

Kraft's shares were slipping 12 cents, or 0.4%, to $29.52 Thursday.