Bryant has been with Kellogg for 20 years and has decided “the time is right to hand over the reins to a new leader who can continue the transformation of this great company.”
Cahillane, 52, is currently president and CEO of global health and wellness giant Nature's Bounty and will step into the CEO role at Kellogg on October 2.
He has also held several senior positions at Coca-Cola, including president of Coca-Cola Americas – the beverage maker’s largest business with a turnover of $25bn.
His eight-year tenure with InBev included serving as CEO for the company’s lnterbrew UK and Labatt USA subsidiaries.
“With his breadth of experience, [Steve] understands the global marketplace in which we are operating, as well as the consumer and retailer trends that will serve as potent sources of growth for Kellogg,” said Donald Knauss, lead director, Kellogg Company Board of Directors.
Bryant will continue as executive chairman of the Board until March 15, 2018, at which time Cahillane will also assume the role of chairman.
Kellogg also reaffirmed its FY 2017 guidance and said:
- Its transition out of Direct Store Delivery remains on track
- Q3 sales are improving sequentially, as forecasted.
- Comparable-basis profit margins continue to improve, on the strength of its Project K and Zero-Based Budgeting initiatives.