By Jessica DiNapoli
NEW YORK, Dec 16 (Reuters) – Incoming Kraft Heinz CEO Steve Cahillane, who previously led cereal maker Kellogg, said in an interview with Reuters that he endorses the company’s split into two companies and “reserves the right” to improve the plans.
“I’m looking forward to executing it, I think it’s absolutely the right thing to do,” Cahillane said, adding he thinks it will add value to both the condiments and spreads business, which includes Heinz ketchup, and the grocery division covering staples like Velveeta cheese.
Cahillane, who oversaw the split-up of Kellogg’s snacks and cereals businesses, added, “We reserve the right to improve upon the plans, make them better, by studying it and having the discussions with all involved.”
“If there’s any changes, we’ll be very transparent about that,” he added.
Some Wall Street analysts and investors have questioned how Kraft Heinz’s stable of brands was split up between the two companies. For example, Kraft macaroni and cheese, which has seen its market share slip, is included in the condiments unit, which is projected to be faster growing.
Kraft Heinz announced on Tuesday that Cahillane would join the company on January 1, with current CEO Carlos Abrams-Rivera moving into an adviser role until March 6.
(Reporting by Jessica DiNapoli in New York, editing by Deepa Babington)
