Kellanova completes separation of North American cereal business
Kellanova, formerly known as Kellogg Company, announced the completion of the previously announced separation of its North American cereal business, WK Kellogg Co, resulting in two independent, public companies, each better positioned to unlock its full standalone potential.
The separation was achieved through the distribution of all of the shares of WK Kellogg Co to holders of Kellanova common stock, with Kellanova shareowners receiving one share of WK Kellogg Co common stock for every four shares of Kellanova common stock.
"With the completion of the separation, Kellanova has entered a new era with a new name and a new ambition," says Steve Cahillane, Kellanova's chairman and CEO. "We are starting from a position of strength that is rooted in a century-old legacy as we embark on a journey to achieve our vision of becoming the world's best performing snacks-led powerhouse."
Stemming from this announcement, Kellanova Canada announced a new leadership team: Tony Chow, president; Angela Giancaterini, Canada legal director; Chrissie Say, Canada finance lead; Erin Towns, Canada sales lead; Gretchen Merkel, Canada supply chain lead; Lores Tomé, Canada corporate affairs lead; Nicole Gawen, Canada marketing lead; and Patricia Antonio, Canada human resources lead.
“This is the beginning of a new era for Kellanova Canada. We are a bold, ambitious, and innovative company with fresh leadership who will steer our new vision and strategy into the future,” says Tony Chow, president, Canada. “I’m excited about embarking on this journey together to achieve our vision of becoming a global snacking powerhouse, unleashing the full potential of our differentiated brands and our passionate people. The future never tasted better.”
To celebrate, Kellanova Canada organized a variety of festivities for its employees across Canada, including a special watch party as members of the executive committee rang the opening bell at the New York Stock Exchange.
Kellanova is best known by consumers as the producer of such well-known snacks as Pringles, Cheez-It, Pop-Tarts, Kellogg's Rice Krispies Treats, MorningStar Farms, Incogmeato, Gardenburger, Nutri-Grain, RXBar, and Eggo; and cereal brands, including Kellogg's Frosties, Zucaritas, Special K, Krave, Miel Pops, Coco Pops, and Crunchy Nut.
As a standalone company, Kellanova will benefit from greater operational focus and fit-for-purpose strategy and resource allocation, investing behind its differentiated brands in an effort to deliver consistently strong net sales and earnings growth over time. This growth is expected to be complemented by improved profitability to be achieved through operating leverage, a mix shift toward its most differentiated brands, building scale in emerging markets, and ongoing productivity and revenue growth management.
This article first appeared on Convenience Store News Canada
