Kraft Foods Group CEO Vernon plans to retire; Chairman Cahill named as successor

Kraft Foods Group Inc. says that CEO Tony Vernon plans to retire later this month. The company named Chairman John Cahill as his successor.

Vernon has served as CEO since the company's spinoff from Mondelez International in October 2012.

While Vernon plans to retire from the CEO post on Dec. 27, he will remain with the Northfield, Illinois-based company through March 31, 2015 as a senior adviser. He will also continue as a board member until the next annual meeting. Vernon will be 59 when he retires as a director.

The 57-year-old Cahill previously served as chairman and CEO of Pepsi Bottling Group. He joined Kraft in January 2012 as Executive Chairman Designate of the North American grocery business. He became executive chairman at the company's spinoff and transitioned to a non-executive chairman role in March.