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Roger Deromedi

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BUSINESS
April 14, 2004 | From Associated Press
Kraft Foods Inc. said Chief Executive Roger Deromedi has been suffering from a viral infection but will return to work May 10 -- ending the company's two-week silence on his previously undisclosed illness and condition. The nation's largest food company did not explain why it had chosen to keep the details surrounding the hospitalization of its 50-year-old CEO such a tightly held secret for so long despite calls by investors to release more information.
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BUSINESS
April 14, 2004 | From Associated Press
Kraft Foods Inc. said Chief Executive Roger Deromedi has been suffering from a viral infection but will return to work May 10 -- ending the company's two-week silence on his previously undisclosed illness and condition. The nation's largest food company did not explain why it had chosen to keep the details surrounding the hospitalization of its 50-year-old CEO such a tightly held secret for so long despite calls by investors to release more information.
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BUSINESS
December 17, 2003 | From Reuters
Kraft Foods Inc., under pressure from Wall Street to turn around its North American food business, removed Co-Chief Executive Betsy Holden and put her counterpart Roger Deromedi in charge of the company. With the change, rumored for months, the food company is abandoning an often-criticized joint leadership structure. Holden will assume an unspecified global leadership role with the Northfield, Ill.-based company, whose products include Velveeta cheese and Altoids mints.
BUSINESS
January 9, 2004 | From Associated Press
Kraft Foods Inc. outlined a corporate overhaul to try to snap out of a protracted slump in sales and new products, reorganizing its business units and shifting to a more global focus as a way to become more nimble and better positioned for worldwide growth. The shake-up was announced by Chief Executive Roger Deromedi, who signaled his intent to take Kraft in a new direction just three weeks after being given sole control of the biggest U.S. food company.
BUSINESS
July 25, 2006 | From Bloomberg News
Kraft Foods Inc. said second-quarter profit rose 44% after it increased prices on meats and coffee. Net income climbed to $682 million, or 41 cents a share, Northfield, Ill.-based Kraft said. Profit a year earlier was $472 million, or 28 cents, after the sale of candy operations to Wm. Wrigley Jr. Co. reduced earnings by 17 cents a share. Revenue grew 3.4% to $8.62 billion. Chief Executive Roger Deromedi was ousted June 26 after Kraft's results trailed those of rivals Kellogg Co.
BUSINESS
October 19, 2005 | From Reuters
Kraft Foods Inc. posted lower third-quarter earnings and cut its full-year profit outlook, pressured by rising costs for packaging, fuel and ingredients such as nuts. The maker of Oreo cookies and Jell-O pudding also said it was considering more price increases to try to offset rising costs. Kraft now expects commodity costs to be up $800 million from last year, more than three times its initial expectations. The largest U.S.
BUSINESS
February 13, 2007 | From Bloomberg News
Blackstone Group agreed to buy Pinnacle Foods Group Inc. on Monday for $2.2 billion including debt, becoming the third private equity firm in four years to own the maker of Duncan Hines cake mixes and Hungry Man frozen dinners. Blackstone, based in New York, is acquiring Pinnacle of Cherry Hill, N.J., from CCMP Capital Advisors, the companies said. Blackstone didn't say how much debt was involved. Pinnacle, which has annual gross sales of about $2.
BUSINESS
April 20, 2004 | From Associated Press
Kraft Foods Inc. on Monday said its first-quarter profit tumbled 34% amid continuing restructuring costs and sluggish sales volume at the nation's largest food company. Net income fell to $560 million, or 33 cents a share, down from $848 million, or 49 cents, for the same period in 2003. Excluding charges totaling 12 cents a share for restructuring, the company said earnings would have been 45 cents a share -- 2 cents better than the consensus estimate of analysts surveyed by Thomson First Call.
BUSINESS
July 20, 2004 | From Bloomberg News
Kraft Foods Inc., the largest U.S. food maker, said Monday that second-quarter earnings fell 26%, their fourth straight drop, because of higher ingredient and marketing costs. The company cut its 2004 profit forecast. Net income declined to $698 million, or 41 cents a share, from $949 million, or 55 cents, a year earlier, the Northfield, Ill.-based company said. Sales rose 4.7% to $8.2 billion, helped by a weaker U.S. dollar.
BUSINESS
June 27, 2006 | From the Associated Press
Kraft Foods Inc. named Irene Rosenfeld as its chief executive Monday, replacing Roger Deromedi after a long period of sluggish results at the nation's largest food company. Rosenfeld most recently was chairwoman and CEO of Frito-Lay, a division of PepsiCo. Deromedi, a 28-year veteran of Kraft, had been sole CEO of the company since December 2003. He previously was co-CEO with Betsy Holden, who subsequently was removed and put in charge of global marketing.
BUSINESS
January 28, 2004 | From Associated Press
Kraft Foods Inc. said Tuesday that it would eliminate 6,000 jobs, or 6% of its workforce, and close 20 plants worldwide over the next three years as part of a restructuring that follows more than a year of disappointing sales and earnings for the biggest U.S. food company. About 1,300 salaried positions in North America will be eliminated in the first quarter, with the remaining cuts occurring by 2007, the maker of Oreo cookies, Jell-O desserts and Oscar Mayer hot dogs said.
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