Kraft Foods (NASDAQ: KRFT ) is forging ahead with attempts to organize its sprawling product assortment. The company announced that it has created a pair of standalone units within its grocery segment -- meals and desserts, and enhancers and snack nuts. The change will be effective July 1.
The two new divisions will headed by their own presidents, respectively Michael Osanloo and Jane Hilk. Both will report directly to CEO Tony Vernon.
The company will break out the financials for both units as individual segments at the end of its Q3 2013. Within that quarter, it will also make historical results available for each.
In a press release, Kraft said that with the creation of the new divisions it "will be able to place even greater focus on brand-building while reducing the complexity of managing a portfolio with many distinct brands and product categories."