Ripplewood’s Vernon Jumps to Kraft
Anthony Vernon is succeeding Rick Searer as the president of Kraft Foods, North America.
June 23, 2009
Following a stream of deal professionals who have jumped to the corporate side of the business in recent months, Ripplewood Holdings’ Anthony Vernon has signed on with Kraft Foods, where he’ll serve as the president of the company’s North American business. Vernon is succeeding Rick Searer, who will retire in September after nearly 30 years with the company.
Vernon should have no problem acclimating to corporate life, as he had previously spent nearly two decades in healthcare, primarily at Johnson & Johnson. Vernon joined Ripplewood roughly three years ago.
At J&J, Vernon oversaw a number of the company’s consumer brands, including its Tylenol, Motrin, Pepcid AC, Imodium and Splenda products. He is also credited with the strategic evaluation and launch of ADD treatment Concerta in addition to work with Remicade, a drug primarily used for arthritis.
While Vernon is making the jump from private equity, the deal landscape in general has seen a number of pros pursue jobs with strategics. Campbell Soup Co., for instance, recruited Lehman Brothers’ vet Tarkan Gürkan; Novartis poached Goldman Sachs’ Jonathan Symonds; and Cablevision Systems tapped Gregg Seibert, formerly the vice chairman at Merrill Lynch.
Vernon’s hiring, however, shouldn't necessarily signal a larger M&A initiative for Kraft. A spokesman told Mergers & Acquisitions that Vernon's track record with "brand-building" and "marketing" was the primary attraction, but noted that his "M&A experience will be an asset."
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