New Chief at Pillsbury

Britain’s Grand Metropolitan PLC, upon completion of its $5.7-billion acquisition of Pillsbury Co., has named Ian Martin chairman and chief executive of the food and restaurant company.

Martin, who since 1986 has headed Grand Met’s U.S. operations, replaces Philip L. Smith, who has resigned from Pillsbury after joining the Minneapolis firm in August.

Martin is a director of Grand Met. Besides Pillsbury and its Burger King unit, Martin is responsible for Grand Met’s Express Foods Group International of London and Alpo Petfoods of Allentown, Pa.

Martin joined Grand Met in 1979 and was chairman of the company’s brewing and retailing division. He previously held executive positions with Timex Corp., PA Management Consultants and ITT in the United States, the United Kingdom and Continental Europe.

Smith was wooed to Pillsbury from the top post at General Foods Corp. He departs Pillsbury with an executive compensation package valued at nearly $8 million.