Kellogg (NYSE:K) announced Monday the retirement of CEO David Mackay, leading the cereal maker to promote current chief operating officer John A. Bryant as part of the board's succession plan.
Closing on a four-year term as chief executive, Mackay’s retirement will become effective on Jan. 1, with Bryant officially grabbing the reins the following day. Mackay will stay on board through March 31 to help ease the transition.
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“This past summer, I became eligible to retire and made a commitment to spend more time with my family,” Mackay said in a statement. “I am pleased to pass the baton to John, whose management capabilities and wealth of experience have prepared him well to drive our business agenda for 2011 and beyond.”
Bryant joined the Battle Creek, Mich-based company in 1998 and has since held numerous leadership roles, including chief financial officer and head of Kellogg's North America and international business units.
Despite the management switch up, Kellogg reaffirmed its fiscal 2010 and 2011 guidance, expecting internal sales this year to be down about 1% with earnings per share growth of 4% to 5%.
Next year, the producer of snacks such as Cheez-Its, Pop-Tarts and Eggos, anticipates low single-digit internal sales growth and earnings per share.