Shares of Kraft Foods Group (KRFT) soared on Thursday after appointing company chairman John Cahill as its new CEO, making it TheStreet’s Move of the Day. The maker of packaged food products announced that CEO Tony Vernon will retire this month. John Cahill will replace him, as the company struggles with sluggish domestic demand for packaged food products. JPMorgan Chase analysts said Cahill, who worked as CEO of Pepsi Bottling Group (PEP) has the experience to grow Kraft’s brand portfolio. The firm added that the CEO change could mean a shift in business strategy. Vernon will remain in his position until the end of the fiscal year.
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