Betsy Holden, the co-CEO at Kraft Foods, has taken the hit for the company's struggling performance of late, and has been demoted to an "unspecified global marketing position." The company's other co-CEO, Roger Deromedi, now has sole possession of the job.
Company spokesman Michael Mudd told the Associated Press that the move was not a short-term response but rather one with long-term implications.
"We just went through a very unusual period in the company's history when we went public (in 2001) and at the same time were integrating Nabisco (acquired in 2000)," he said. "With that phase behind us, the board reached the conclusion that a single CEO, Roger, was the best way for Kraft to elevate its performance and achieve its full growth potential."
Holden was one of just a few women CEOs at major US corporations.
Until today, Holden was in charge of North American operations, while Deromedi ran international operations.
Company spokesman Michael Mudd told the Associated Press that the move was not a short-term response but rather one with long-term implications.
"We just went through a very unusual period in the company's history when we went public (in 2001) and at the same time were integrating Nabisco (acquired in 2000)," he said. "With that phase behind us, the board reached the conclusion that a single CEO, Roger, was the best way for Kraft to elevate its performance and achieve its full growth potential."
Holden was one of just a few women CEOs at major US corporations.
Until today, Holden was in charge of North American operations, while Deromedi ran international operations.
- KC's View:
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Tough timing for Holden, who was trying to build sales in categories that no doubt are being hurt by the anti-obesity craze that is sweeping the country.
Without passing judgment on either Holden or Deromedi, we do think it is a shame when a company that largely sells its products to women decides that it is better off being led by a man.
