Mars has replaced Wm Wrigley Jr president and CEO William Perez just two weeks after completing its US$23bn acquisition of the Chicago-based gum giant.
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Dushan Petrovich has been named Wrigley president with immediate effect. The role of Wrigley CEO has been eliminated.
Petrovich is a Wrigley insider who has been with the company for more than 30 years, most recently serving as senior vice president and chief administrative officer. He will be responsible for worldwide strategy, operations and performance and report directly to Paul Michaels, president and chief executive of Mars.
In a statement, Wrigley gave no reason for Perez’s sudden departure and when contacted by just-food the group declined to comment further.
However, when the merger of the two confectioners was announced in April, Wrigley had stated that Perez was expected to continue at the head of the group, which will operate on a stand-alone basis under Mars’ ownership.
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By GlobalDataThe company said that Perez “will support the company in an advisory capacity” until the end of the year.
Perez has been granted a meaty severance payment of just over $25m – $10.5m in cash and a “gross-up” of almost $14m to cover excise taxes on his severance payments, it was revealed in filings with the Securities and Exchange Commission.
Perez, a veteran CEO who previously led SC Johnson and Nike before joining Wrigley, replaced William Wrigley Jr and was the first non-family member to hold the top position at the company.
