The chairman of Kellogg‘s European operations has retired after 28 years with the cereal giant.

Tim Mobsby, chairman and executive officer of Kellogg Europe, stepped down from the business on 31 December, the firm said yesterday (6 January). He will however, continue to provide consulting services to the company on marketing and business development matters for a period of up to eighteen months.

Kellogg will pay Mobsby at a rate of EUR3,430 (US$4,445) per day that he provides consulting services, with a total amount of EUR1,100,000 expected to be paid under the agreement, the Special K maker said in a regulatory filing. The daily rate is based on his most recent base salary and target bonus on a per diem basis.