(Reuters) – PepsiCo Inc (PEP.N: Quote, Profile, Research, Stock Buzz) President John Compton is leaving the company to head truck-stop operator Pilot Flying J Oil Corp, narrowing the pool of likely candidates to become the soft drink and snack giant’s next CEO.
Zein Abdalla, president of PepsiCo Europe, will succeed Compton as president of PepsiCo, effective immediately. Enderson Guimaraes will take over from Abdalla in Europe, the company said late on Tuesday.
Sept 7 (Reuters) – Kraft Foods Inc gave earnings
forecasts for the two companies it will split into next month
that disappointed analysts, sending its shares down more than 5
percent on Friday.
Kraft plans to spin off its North American grocery business
on October 1 into a company called Kraft Foods Group that will
make Planters peanuts, Oscar Mayer lunch meat and Velveeta
cheese. The remaining company, which will sell Oreo cookies,
Cadbury chocolate and Trident gum, mostly overseas, will be
called Mondelez International.
(Reuters) – Hershey Co (HSY.N: Quote, Profile, Research, Stock Buzz) plans to buy the remaining 49 percent in its Indian joint venture that it does not own, giving it full control of a chocolate business in one of the world’s biggest markets.
Financial terms of the deal were not disclosed. But it ends months of press speculation that Godrej Industries Ltd (GODI.NS: Quote, Profile, Research, Stock Buzz), Hershey’s partner since 2007, wanted out of the Godrej Hershey venture, which lost money in 2011 with sales of $80 million.
(Reuters) – Kraft Foods Inc (KFT.O: Quote, Profile, Research, Stock Buzz) warned on Thursday that 2013 earnings for its standalone international snack company would likely be lower than some forecasts due to unfavorable foreign exchange rates.
Kraft is splitting next month into a snack company called Mondelez International and a North American grocery business with the Kraft name — giving investors the option to bet on a fast growing snacks business or choose more stable dividends offered by selling groceries.
(Reuters) – Kraft Foods Inc (KFT.O: Quote, Profile, Research, Stock Buzz) posted higher-than-expected second-quarter profit, but left its full-year targets unchanged, saying it plans to reinvest any upside back in the businesses.
Kraft also said on Thursday that the spin-off of its grocery business, which includes Maxwell House coffee and Oscar Mayer meat, would occur on October 1.
By Martinne Geller and Melvin Backman
(Reuters) – Green Mountain Coffee Roasters Inc (GMCR.O: Quote, Profile, Research, Stock Buzz) shares jumped as much as 35 percent on Thursday after the company won back the confidence of some on Wall Street with a lower-than-expected earnings forecast that was seen as more realistic and reliable.
Late on Wednesday, the maker of Keurig coffee brewers and corresponding K-cup coffee refills reported better-than-expected quarterly earnings but cut its forecast for the full year for the second time. It also gave an earnings range for 2013 that was way below analysts’ estimates.
(Reuters) – Kellogg Co (K.N: Quote, Profile, Research, Stock Buzz) stood by its full-year earnings forecast on Thursday, even as the worst drought in 55 years pushed up corn prices, helping to send the cereal maker’s shares up 3 percent.
The company behind Corn Flakes, Eggo waffles and Keebler cookies also said its business was improving after two disappointing quarters.
(Reuters) – Green Mountain Coffee Roasters Inc (GMCR.O: Quote, Profile, Research, Stock Buzz) beat quarterly profit forecasts but gave a disappointing outlook for the current quarter and upcoming year, as growth of its Keurig coffee cups business slows.
The company, whose stock has been hammered by questions about its business model and accounting practices, also said its board of directors authorized the repurchase of up to $500 million of its shares over the next two years.
July 30 (Reuters) – ConAgra Foods Inc struck a deal
to buy Unilever Plc’s North American frozen
meal business for $265 million, adding the premium Bertolli and
P.F. Chang’s brands to its frozen foods portfolio.
The deal, announced on Monday, will be ConAgra’s fifth
bolt-on acquisition in the past 12 months following its spurned
effort to buy Ralcorp Holdings last year.
July 30 (Reuters) – Coca-Cola Co announced a new
operating structure on Monday, dividing its global business into
three main units and giving two executives much larger roles in
a move seen as an early step on the road to CEO succession.
Chief Executive Muhtar Kent, 59, has held the top job at the
world’s largest soft-drink maker since April 2009.