Kraft Foods CFO James Dollive is to retire after 29 years at the US food giant, the company said today (29 August).

Chairman and CEO Irene Rosenfeld thanked Dollive, 56, for his "financial expertise and exceptional standards of ethics and integrity".

Rosenfeld said: "Over the course of Jim's career, he has helped Kraft achieve many significant milestones, including our initial public offering in 2001 and our recent transition to a fully independent company. We deeply appreciate his many contributions and wish him the best in his well-earned retirement."

Kraft has appointed an executive from US conglomerate Ingersoll-Rand Co. to replace Dollive. Timothy McLevish, 52, will join Kraft as executive vice president and CFO from October.