Kraft Names EVP; Reorganizes for Spin-Off
Kraft Foods announces that Tracey Belcourt will join the company as Executive Vice President, Strategy, in September. Belcourt will lead the strategy function and mergers and acquisition activities for the global snacks company, Mondelez International, Inc., following the expected spin-off of Kraft's North American grocery business on Oct. 1, 2012. In this role, Belcourt will report to Chairman & CEO Irene Rosenfeld, with responsibility for evolving and implementing the company's growth strategy.
"Tracey is a highly accomplished corporate strategist with extensive background in consumer industries," says Rosenfeld. "She has broad international work experience throughout Latin America, Europe, Asia and Africa. She joins us at an exciting time, as we chart the course for our new global snacks company."
Belcourt has been a partner at Bain & Co. in Toronto since 1999, leading teams that specialized in the design and implementation of growth strategies to improve business performance across a variety of consumer industries. She was an economic consultant to the U.S. Agency for International Development in Africa in 1999, and prior to that, served for five years as an assistant professor of economics at Concordia University in Montreal.
The announcement of Tracey, together with the recent announcement of Kim Rucker as General Counsel of the future North America grocery company completes the leadership teams of the two companies for the spin-off.
Further, Kraft also announces the composition of the boards of directors for the two independent companies that will be launched at the spin-off of its North American grocery business, targeted for Oct. 1, 2012.
Following are the directors who will serve on each company's board:
Mondelez International, Inc. Kraft Foods Group, Inc
• Stephen Bollenbach
• Lewis Booth
• Lois Juliber
• Mark Ketchum
• Jorge Mesquita
• Fred Reynolds
• Irene Rosenfeld
• Ruth Simmons
• Jean-Francois van Boxmeer
• Abelardo Bru
• John Cahill
• Kevin Cox
• Myra Hart
• Peter Henry
• Jeanne Jackson
• Terry Lundgren
• Mackey McDonald
• Jack Pope
• Follin Smith
• Tony Vernon
As previously announced, Rosenfeld will be Chairman and Chief Executive Officer of the global snacks company, Mondelez International, Inc. Cahill will be Executive Chairman of the North American grocery company, Kraft Foods Group, Inc., and Vernon, currently Executive Vice President and President, Kraft Foods North America, will be CEO.
"As we start a new chapter in our history, I'm delighted that the boards will include both current Kraft Foods Inc. directors who will provide continuity as well as new individuals who will bring fresh perspectives," Rosenfeld says. "All of these directors are committed to strong corporate governance and bring a terrific mix of leadership skills and business experiences to drive the long-term success of both companies."
The final effective date and terms of the spin-off of Kraft Foods Group are subject to the approval by the Kraft Foods Inc. board of directors and satisfaction or waiver of other conditions.