Kellogg Co. named chief operating officer John Bryant its new chief executive officer Monday, replacing David Mackay.
Mr. Mackay told the board that he planned to retire effective Jan. 1, according to a statement. The board elected Bryant to become CEO on Jan. 2, according to its succession plan.
Mr. Mackay, 55, will work on the transition through March 31, the company said.
Mr. Bryant, 45, will receive a base salary of $1-million, according to a filing with the U.S. Securities and Exchange Commission.
The company also confirmed its outlook for 2010 and 2011.
It sees operating profit flat in 2010 and flat to down 2 per cent in 2011.