DETROIT – Cereal giant Kellogg Co. (K) named marketing executive James M. Jenness to succeed its departing chairman and chief executive Carlos Gutierrez (search), who is stepping down to become secretary of the Commerce Department (search).
President Bush chose Gutierrez to replace Donald Evans (search), who announced his resignation shortly after the Nov. 2 election. The appointment is subject to Senate confirmation.
Jenness, 58, was elected to succeed Gutierrez at a special meeting of Kellogg's board of directors, the company said Monday.
The appointment is subject to Gutierrez's confirmation and swearing-in, the company said.
Jenness, a member of the Battle Creek-based company's board since 2000, previously served as chief executive of Integrated Merchandising Systems LLC, which specializes in retail promotion and branded merchandising. Before that, he was vice chairman and chief operating officer of Leo Burnett Co., Kellogg's major advertising agency.
Gutierrez, 51, joined Kellogg in 1975 and has served in a variety of senior management positions. As chairman and chief executive, he has guided the company through a major restructuring and turnaround, which saw earnings take off and brands be reinvigorated.
The board also elected David Mackay, president and chief operating officer, to the board.
Kellogg shares were down $1.27, or 2.8 percent, to $43.74 on the New York Stock Exchange. Kellogg shares reached a 52-week high of $45.32 earlier this month.