Mars Inc has announced that long-time chief executive officer Grant Reid (pictured) has decided to retire and will be succeeded by the privately held chocolate company's Petcare head Poul Weihrauch by end of September.
The M&M's maker said Reid, who informed the board about his retirement 18 months ago, will continue to represent Mars until the end of 2022.
Reid joined Mars in 1988 and became its CEO in 2014 after being in several leadership roles with the company. Under his leadership, Mars' sales grew over 50% to nearly $45 billion.
Mars Board chair, Frank Mars, commented, “While he is too modest to admit it, our significant transformation and record growth as a business would not have happened without Grant’s leadership.
“He has visibly lived our principles and embedded purpose at the heart of our business strategy. The Mars Family are tremendously grateful for his dedication and service.”
Poul Weihrauch
Weihrauch joined Mars in 2000 as European brand leader for Snickers and in 2014 became the president of Global Petcare helping double the petcare business that houses Pedigree and Royal Canin pet food products.
Frank Mars stated, “He [Poul Weihrauch] is known for his inspirational and inclusive leadership style, for growing businesses and renovating brands and for his deep commitment to associate engagement and development.
"Following Grant’s decision, the board and I are grateful to be able to appoint such a strong Mars leader and are confident that Poul will both protect our legacy, while leading us into what promises to be a bright and exciting future.”
Read More: Mars Appoints Global President For Pet Nutrition Unit
News by Reuters, additional reporting by ESM – your source for the latest A-Brands news. Click subscribe to sign up to ESM: European Supermarket Magazine.
