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Co-CEO demoted

Wednesday, Dec. 17, 2003 | 9:13 a.m.

CHICAGO -- Betsy Holden, under fire for months as Kraft Foods Inc. struggled through a down period, lost her job as co-chief executive when the food and beverage giant abandoned its dual CEO structure and left Roger Deromedi in charge.

Holden was demoted to an unspecified global marketing position at Kraft in the wake of a series of setbacks over the past year involving new product fizzles, personnel departures and lackluster sales.

The 50-year-old Deromedi, who previously headed Kraft's international operations while sharing the CEO's duties, was given sole responsibility for the Northfield, Ill.-based company.

Mark Hugh Sam, an analyst for Chicago-based Morningstar Inc., said the Holden demotion was almost inevitable as Kraft continues to try to fix problems in its sluggish cookie and cheese businesses.

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