Newsline: Kraft CEO Recovering
The Northfield Ill.-based food giant was temporarily under the control of Louis Camilleri, chairman of parent company Altria, formerly Philip Morris.
Deromedi became sole CEO of Kraft earlier this year, when a CEO partnership with Betsy Holden was dissolved. One of his first actions after taking full control of the company was to announce a plant closure and layoff plan that will eliminate more than 6,000 jobs.
Meanwhile restructuring costs related to those closings were blamed for a 33% drop in Kraft's first quarter profits for 2004, compared to the same quarter in 2003.