Kellogg Company (K) announced a new boss. David Mackay advised the board that he plans to retire in what; just a few short weeks. My God that is very short notice. But wait they have a succession plan. John A Bryant who is the current COO and remarkably has sat on the board since July 2011 will be the new boss.
Listen up sports fans the fix was in a long time ago. But were the investors in on the deal and knew what the succession plan was. I suppose when John Bryant was elected to the board that was the “poker tell” and everyone was supposed to guess. There is a three-month transition where the old guy will help the new guy. Sounds good.
No word on if David Mackay will stay on the board or if he will really be spending time with his family. At the same time Kellogg reaffirmed its guidance. The guidance does not encourage investors, so the pantomime continues.
Disclosure: George Gutowski writes from a caveat emptor perspective. I hold no positions in stocks mentioned in this post.
- Kellogg CEO retires; COO to replace him (theglobeandmail.com)
- John A. Bryant to Succeed David Mackay as Kellogg President and CEO; Company Reaffirms Financial Guidance for 2010 and 2011 (prnewswire.com)
- Kellogg CEO to retire, Bryant to assume role (seattletimes.nwsource.com)
- Kellogg Reports Soggy Earnings Results (bloggingstocks.com)