Dive Brief:
- Kraft's fourth quarter net profits were sliced to less than half from $931 million, or $1.54 per share, in last year's fourth quarter to $398 million, or $0.68 per share.
- The company did, however, post higher than anticipated sales at $4.696 billion over $4.595 billion in the same period last year, a tick over FactSet analysts' predictions at $4.625 billion. Kraft also reported a 2.2% fourth quarter jump in revenue.
- Kraft announced a new COO and the exit of the company's CFO and two other senior executives. The company also added a new position, "vice president of growth initiatives," who will work on mergers and acquisitions as well as implementing innovative strategies for operations and change.
Dive Insight:
As for the new move toward growth and innovation, Kraft has already begun getting crafty with some of its products, such as the plan for a retooled, naturally-sweetened Capri Sun and its filing for a patent for higher-protein cream cheese. The overhaul in leadership also goes back to December, when Kraft announced John Cahill as its new CEO. Now with new executives and a new vice president position, will Kraft see more rapid changes in the near future?