Dow Jones has announced that it will put Kraft Foods (KFT) into the 30-stock Dow Jones Industrial Average as of Sept. 22, replacing American International Group (AIG).

John Prestbo, editor of Dow Jones Indexes, said the change was “forced by the effective nationalization of AIG and its very low stock price.” AIG had been in the DJIA since April 8, 2004.

Robert Thomson, the managing editor of The Wall Street Journal, said in the same statement that “We are refraining at this point from adding another stock in the financial industry because of the extremely unsettled conditions.” He said it leaves the Dow underweight financials, and “we will address this situation in due course.”

Kraft was added because the Dow “had no representation in food products. Kraft is one of the world’s leading food companies,” Thomson added.

Lisa Gibbons, a Kraft spokeswoman, said via email that "We are thrilled that Kraft will be joining the many iconic companies that make up the Dow Jones Industrial Average.  Our products are present in more than 99% of U.S. households, so it’s only natural that we are now present in the cupboard of leading stocks in the Dow Jones Index... Joining the stocks of the Dow Jones index is a wonderful affirmation of our leadership in the food sector and our progress in delivering reliable growth to investors and delicious foods to consumers."

In a telephone interview on Fox Business Network, Wall Street Journal Money & Investing Editor Ken Brown said that “Kraft is an iconic global food brand. It has a tremendous history, and it’s representative of a big part of the economy. It’s also a relatively stable stock.”

He added that “the only similar company was Coca-Cola (KO).”

When asked why no other companies, such as General Motors (GM), were removed, Brown remarked, “this is not an index where we’re trying to make performance--we’re trying to represent the economy.”

He noted that GM’s “overall assets and impact on the economy are still great.”

"AIG was one of more disastrous picks ever. I don’t know if there’s been a worse one," said Richard Moroney, chief investment officer at Horizon Investment Services and editor of the Dow Theory Forecasts newsletter. Kraft is "a steadier company, and I’d say it may have a steadier influence on the Dow than a tech stock. I could’ve seen Apple or Cisco being selected, but they chose a steadier play.”

The Dow Jones release said that the change "won't cause any disruption in the level of the index. The divisor used to calculate The Dow from its components' prices...will be changed prior to the opening on September 22."

Dow Jones and Dow Jones Indexes are owned by News Corp. (NWS), which is also the parent company of the FOX Business Network.