Kellogg Board Elects CEO Bryant As Chairman; To Hike Quarterly Dividend

(RTTNews) - Cereal maker Kellogg Co. (K) said Friday that its board of directors has elected John Bryant, president and chief executive officer of the company, as chairman of the board.

Bryant succeeds James Jenness as chairman, and will take on the additional duties as chairman effective July 1, 2014. Jenness will remain on the company's board as a non-executive director.

In a separate statement, Kellogg said its board has declared a dividend on the company's common stock and plans to increase the quarterly dividend by 6.5 percent, beginning with the third quarter of 2014.

Bryant has been a member of Kellogg's board of directors since July 2010. He has been president and CEO of the company since January 2011.

Bryant joined Kellogg in 1998. Prior to becoming CEO, he held several key senior leadership roles including chief financial officer, president of Kellogg North America, president of Kellogg International, and chief operating officer.

Commenting on Bryant's appointment, Jenness said, "John has a deep understanding of all aspects of Kellogg Company's business and a clear vision of how we will deliver on our strategy and grow our business around the world. His election to chairman demonstrates the board's confidence in his leadership."

Jenness has been a board member of Kellogg since July 2000. He jointed the company in February 2005 as chairman of the board and chief executive officer, and served as CEO until December 31, 2006.

Prior to joining Kellogg, Jenness was co-founder and CEO of Integrated Merchandising Systems LLC. He has also served as vice chairman and chief operating officer of Leo Burnett Company.

In a separate statement, Kellogg said its board of directors declared a dividend of $0.46 per share on the company's common stock. The dividend is payable on June 16, 2014 to shareholders of record at the close of business on June 2, 2014. The ex-dividend date is May 29, 2014.

In addition, Kellogg's board of directors plans to increase the quarterly dividend by 6.5 percent to $0.49 per share, beginning with the third quarter of 2014.

K closed Thursday's trading at $66.53, down $0.01 or 0.02 percent on a volume of 1.20 million shares.