Kellogg Company CEO John Bryant is stepping down next week after seven years at the helm of the cereal and snack maker.
Bryant, 51, will continue as executive chairman of the Board of Directors until March 15, 2018.
"As a Board, we want to express our thanks to John for everything he has contributed to our company over the course of his Kellogg career," said Donald Knauss, the lead director of the Kellogg board of directors, in statement released to the media. "This not only includes John's accomplishments as CEO, such as continuing to transform Kellogg into a global snacks leader and significantly expanding our emerging markets business, but also as CFO and in other prior roles.”
He will be replaced by Steven Cahillane, who has been president and CEO of The Nature’s Bounty Co., a vitamin and nutritional supplement manufacturer, for about three years.
Cahillane held senior positions with The Coca-Cola Co. most recently as president of Coca-Cola Americas.
Cahillane, 52, also spent more than a decade in the beer industry, founding and later selling State Street Brewery in Chicago and moving on to Coors Distribution and then beer giant InBev.
"Kellogg is an incredible company with a rich legacy and iconic brands that are beloved around the world," Cahillane said in a press release. "It will be my privilege and honor to work with such a talented group of employees as we pursue the tremendous growth opportunities before us."
Bryant said in a statement that he is "confident that the strength of Steve's leadership, combined with the drive and talent of our management team and the passion of our incredible employees, will enable Kellogg to realize our vision and purpose while achieving our long-term growth goals,”
Packaged food conglomerates have been trying to appeal more to consumers who favor fresher foods, smaller, local brands and are worried about the ingredients they eat. Kellogg has said it will add probiotics to its Special K cereal later to try to boost sales.
Kellogg and competitors like General Mills and Post have also been cutting costs and changing strategies as consumer trends shift away from processed foods. The company's revenue has fallen every year since 2013.
Kellogg announced in August that it planned to cut 223 jobs at the ready-to-eat cereal (RTEC) plant on Porter Street in 2018, nearly 10% of the company's Battle Creek workforce.
Shares of Kellogg Co., which are down about 15 percent since the beginning of the year, slipped 11 cents to $62.93 in trading Thursday.