After seven years at the helm, John Bryant will retire as CEO of Kellogg, and Steven Cahillane will replace him. Cahillane was most recently at The Nature's Bounty, a health and wellness company.
The company's press release includes a quotation from Bryant, which is typical when a leader retires, unless the retirement is forced because of impropriety:
"It has been my pleasure to serve as the CEO of Kellogg Company over the past seven years. I am even more confident in the future of our company today than at any other time in my 20 years with Kellogg. I've decided that the time is right to hand over the reins to a new leader who can continue the transformation of this great company."
Bryant goes on to compliment Cahillane's background, and the board chair adds more about his experience.
Also, as expected, the release includes a quotation from incoming CEO Cahillane:
"Kellogg is an incredible company with a rich legacy and iconic brands that are beloved around the world. It will be my privilege and honor to work with such a talented group of employees as we pursue the tremendous growth opportunities before us."
As a cereal company, Kellogg struggles with increasing focus on healthy eating and consumers' desires to avoid processed foods. As a result, the company's revenue and share price have been declining.
- Information about Bryant is shorter than what I typically see in news releases announcing CEO changes. Any theories about this?
- Compare this press release to that of Chevron. What differences do you notice?
- Overall, how well does the press release meet its objective: to inspire confidence in the brand?