Kellogg COO to step in as president, chief executive

BATTLE CREEK, Mich. — Kellogg's president, CEO and company director David Mackay announced that he will retire from his post, effective Jan. 1.

The announcement is part of Kellogg's succession plan, which named current COO and board member John Bryant — who joined Kellogg in 1998 — as the company's new president and CEO. Mackay will work closely with Bryant to ensure a smooth transition through March 31, 2011, the company said.

Following the succession announcement, the company reaffirmed its 2010 and 2011 guidance, noting it expects full-year currency-neutral earnings per share growth of 4% to 5% for 2010, and low single-digit earnings per share growth on a currency-neutral basis for 2011.

"I'm excited to lead this great company with its 31,000 talented employees and more than 100-year legacy of beloved brands," Bryant said. "We have a strong leadership team in place, and we are committed to delivering long-term, sustainable results."