Kraft Foods announced on Thursday that Chief Financial Officer Teri List-Stoll will leave her position on Feb. 28, along with the departure of two other senior executives, Reuters reports.
The grocery manufacturing and processing company is said to create a Vice President of Growth Initiatives position with the purpose of accelerating leadership changes. The changes are also said to be a response to lower-than-expected results in the last financial quarter.
Kellogg held steady in 60 percent of its main market categories and lost share in the other 40 percent, Chief Executive Officer John Cahill said, according to the Chicago Tribune.
"Three people after this guy has been on the job 50 plus days seems like an awful quick, swift move," Edward Jones analyst Brian Yarbrough said, according to the site.
"But I think his whole point is they're not innovating fast enough, and they're not coming out with the right type of marketing."
Kraft Foods, like many other aging food manufacturing companies, has been affected by changes in market taste. Brands focused on healthy, organic alternatives have largely been growing in contrast to the decline of sales for names like McDonald's and Yum! Brands.
Some of the most well-known Kraft Foods brands include Planters, Jell-O, Maxwell House, Philadelphia, Velveeta, Kool-Aid and Cadbury's.
The company was founded in 1903 and is based in Illinois.
