|President Bush and Carlos Gutierrez at the White House earlier today.
Mr. Gutierrez, 51, has been with Kellogg since 1975 in a variety of positions and has been widely credited with returning the company to profitability during his five-year tenure as CEO. Gutierrez oversaw the $4.4 billion acquisition of cookie and cracker giant Keebler Co., the overhaul of the Kellogg sales team and faster new-product development strategy that helped Kellogg return to the leadership position in cereal.
Kellogg named James Jenness, 58, a longtime Kellogg board member and former chief operating officer of the marketer's advertising agency, Leo Burnett Co., to replace Mr. Gutierrez.
Credit Suisse First Boston analyst Dave Nelson called Mr. Jenness a "logical choice" to replace Mr. Gutierrez, given his expertise in consumer marketing, including his 25-year tenure with Leo Burnett and his knowledge of Kellogg from serving on its board since 2000. Mr. Jenness most recently was CEO of Integrated Merchandising Systems, which handles outsource management for retail promotion and branded merchandising.
Mr. Nelson did note, however, that it will be important for Kellogg to retain President and Chief Operating Officer David Mackay, whom he called "a key element in Kellogg's turnaround." Mr. Mackay was named to the board in lieu of getting the top job.