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ID NEWS: Kraft's Deromedi becomes sole ceo; co-ceo Holden reassigned

NORTHFIELD, IL-Kraft Foods, Inc., has relieved Betsy Holden of her duties as co-ceo, after a series of setbacks involving products, personnel and sluggish sales, according to the Associated Press (AP). She will take an unspecified global marketing post, while Roger Deromedi is now sole ceo.

Company spokesman Michael Mudd said that the move was not made in response to short-term business results but rather with long-term interests in mind, AP reported. "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). 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."

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