Kraft Announces Corporate Shake-Up
From Associated Press
Kraft Foods Inc. outlined a corporate overhaul to try to snap out of a protracted slump in sales and new products, reorganizing its business units and shifting to a more global focus as a way to become more nimble and better positioned for worldwide growth.
The shake-up was announced by Chief Executive Roger Deromedi, who signaled his intent to take Kraft in a new direction just three weeks after being given sole control of the biggest U.S. food company.
Although he mentioned shifting some units to new locations and giving top executives new roles, Deromedi didn’t detail the costs and job cuts associated with the realignment.
Shares rose 2 cents to close at $32.30 on the NYSE.
