US cereal maker Kellogg has announced that its chief executive officer, Carlos Gutierrez, has accepted the invitation from President Bush to serve as Secretary of the US Department of Commerce. The nomination is subject to US Senate confirmation.
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Gutierrez, 51, joined Kellogg in 1975 and has served in a variety of senior management positions in Latin America, Canada, the US and Asia Pacific. Gutierrez’ resignation as chairman of the board and chief executive officer of Kellogg is effective upon confirmation and swearing in to office.
Kellogg named James Jenness as Gutierrez’ successor. David Mackay, president and chief operating officer, was also elected to the board of directors. Jenness has served as a member of Kellogg’s board of directors since July 2000.
The company also reaffirmed its 2004 earnings outlook of $2.11 to $2.13 per share and its 2005 earnings outlook of $2.28 to $2.32 per share.
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