Tony Vernon

This article is about the business executive. For psychology professor, see Philip A. Vernon.

W. Anthony "Tony" Vernon is a business executive who was the first chief executive officer of Kraft Foods after it was spun off from the Mondelēz International in 2012. Prior to his time at Kraft, he had a 23-year career at Johnson & Johnson and spent three years with Ripplewood Holdings. When he took on this position his salary increased to $1m per annum. Vernon’s overall compensation was $9.19 million for 2013.[1]

Education

Vernon holds a bachelor's degree from Lawrence University in history and an Master of Business Administration from the Kellogg Graduate School of Management at Northwestern University.[2]

Career

During his 23-year career at Johnson & Johnson, Vernon ran independent business units and led consumer brands such as Tylenol, Motrin, Pepcid AC, Imodium and Splenda.[2] He then served as healthcare industry partner of Ripplewood Holdings for three years before joining Kraft in 2009.[2] In June 2009, Kraft Foods Inc. announced that Vernon would become President of Kraft Foods North America that August, replacing Rick Searer.[2] In December 2011, when the company announced that it would reorganize in 2012, Vernon was announced as the CEO of the grocery business that became the current incarnation of Kraft.[3] After Mondelēz International spun off Kraft on October 1, 2012, Vernon became CEO.[4] At the time of the split, Kraft Foods (which included brands such as Oscar Mayer, Planters, Velveeta, Kool-Aid, Miracle Whip, Capri Sun, A1, Cool Whip and Jell-O) was the fourth-largest food and beverage company in North America, trailing PepsiCo, Nestle and Coca-Cola.[4] His salary jumped by 49% during his first year as CEO to $6.83 million.[5] On December 18, 2014, the company announced that Vernon intended to retire as CEO effective from December 28, and that the company planned to replace him with Chairman John Cahill. Vernon plans to continue as a director until the 2015 annual general meeting.[6][7]

Goals

When Vernon became CEO at Kraft, he said his goal was “nothing short of creating a renaissance in North American food and beverage…We will create a new Kraft, one with the spirit of a startup and the soul of a powerhouse.” He added that he wants to “let our bright, talented people create and innovate without having to look to headquarters for answers and directions at every step.”[8]

Acclaim

According to staff at Kraft, “This press release contains the forward-looking statement that Vernon’s strong track record of growth through consumer-driven innovation, world-class marketing and strong retail relationships will help to further accelerate our business performance.”[9]

Vernon was described by Irene Rosenfeld, CEO of Mondelēz International (formerly Kraft Foods) as having “an impressive history of building and sustaining iconic consumer brands. His strong track record of growth through consumer-driven innovation, world-class marketing and strong retail relationships will help to further accelerate our business performance.”[10]

Personal data

Vernon is married with three adult sons.


Notes

  1. ↑ Wohl, Jessica. "Kraft CEO pulls in more than $9 million in pay in 2013". Chicago Tribune. Retrieved 22 March 2015.
  2. ↑ 2.0 2.1 2.2 2.3 "Kraft Foods Names Tony Vernon President, Kraft Foods North". Bloomberg News. 2009-06-22. Retrieved 2014-12-19.
  3. ↑ York, Emily Bryson (2011-12-05). "Kraft chooses leaders for separate companies". Chicago Tribune. Retrieved 2014-12-19.
  4. ↑ 4.0 4.1 Schultz, E. J. (2012-09-07). "Kraft's New Grocery Company Plans Marketing Boost in Search of 'Renaissance': CEO Tony Vernon Outlines Plans in Advance of Oct. 1 Split". Advertising Age. Retrieved 2014-12-19.
  5. ↑ York, Emily Bryson (2013-04-05). "Kraft's Vernon sees pay rise 49% as CEO". Chicago Tribune. Retrieved 2014-12-26.
  6. ↑ Gasparro, Annie and Joann S. Lublin (2014-12-18). "Kraft Foods Announces CEO Change: Chairman Cahill Set to Replace Vernon, Spur Changes at Food Company". The Wall Street Journal. Retrieved 2014-12-19.
  7. ↑ "W Vernon: Profile". Forbes. Retrieved 2015-01-05.
  8. ↑ "Dossiers". World of CEOs. Retrieved 22 March 2015.
  9. ↑ Mitchell, Michael. "Kraft Foods Names Tony Vernon President, Kraft Foods North America". The Press Wire. Retrieved 22 March 2015.
  10. ↑ Mitchell, Michael. "Kraft Foods Names Tony Vernon President, Kraft Foods North". Bloomberg. Retrieved 22 March 2015.