In 2003, Roger Deromedi was named as Kraft’s sole CEO. Deromedi had originally been
appointed co-CEO from his earlier position as CEO of Kraft Foods International. In that
same year, Phillip Morris, now Altria, announced its plans to spin off Kraft Foods into
its own company. Despite the announcement, the spin off has yet to occur due to
Altria’s pending tobacco litigation. Altria will wait to execute the spin off until it is
certain that plaintiffs cannot go after Kraft’s assets when it becomes an independent
company.