business news in context, analysis with attitude

• Kraft Foods reported that its second quarter sales rose 3.4 percent to $8.62 billion as profits rose to $682 million from $472 million during the same period a year ago – a 44.5 percent increase that apparently wasn’t good enough for the company’s board of directors, which just replaced the company’s CEO, Roger Deromedi, with Irene Rosenfeld.
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