Kraft Chairman To Take Over As CEO

Kraft Foods said Thursday that Chairman John Cahill, 57, will now also serve as the company's chief executive officer. He succeeds Tony Vernon, 58, who plans to retire on Dec. 27, the last day of the company's fiscal year. Vernon, who has been CEO since Kraft's spinoff from Mondelez International in October 2012, will stay on as an adviser through the end of March and as a director until the company's annual shareholder meeting in 2015. The company also backed its full-year outlook, saying it remains on track to deliver earnings within previous expectations despite what it called a "challenging industry environment." Cahill formally served as CEO of Pepsi Bottling Group. He joined Kraft in January 2012. Shares of Kraft edged up 1.2% in premarket trade.