US: Kraft names yet more independent directors

By: just-food.com | 7 December 2007

US food giant Kraft Foods has appointed two more independent directors.

The company today (7 December) named Myra Hart and Fredric Reynolds to the board. Out of Kraft's 12 board members, 11 are now independent directors.

Hart is a member of the senior faculty at Harvard Business School, while Reynolds is CFO media conglomerate CBS Corp.

During his career, Reynolds, 57, spent 13 years at PepsiCo in various financial roles, including a stint as CFO for PepsiCo Foods International, the company's Frito-Lay unit.

"Myra Hart brings expertise in business, the retail environment, innovation and entrepreneurship," said Kraft chairman and CEO Irene Rosenfeld. "Fred Reynolds is recognized for his leadership in corporate finance and operations in media and the food and beverage industry."

Last month, Kraft named retired Colgate-Palmolive executive Lois Juliber and Frank Zarb, MD of private equity group Hellman & Friedman, as board directors.

That move led activist investor Nelson Peltz to pledge to keep his stake in Kraft below 9.9%.

Sectors: Baby food, Bakery, Chilled foods, Dairy, Snacks

Companies: Kraft, PepsiCo