Under pressure from Wall Street to turn around its North American business, Kraft Foods removed Betsy Holden from the position of co-chief and named her counterpart, Roger Deromedi as CEO.

Betsy Holden

Roger Deromedi

Holden, considered one of the most powerful women in U.S. business, was also removed from her job as president of Kraft Foods North America. Deromedi, 50, has been president of Kraft Foods International since 1999 and has been with Kraft for 26 years. Holden oversaw revenue of about $21.5 billion last year, nearly three times that of overseas sales, according to news reports.

Holden, 48, remains on Kraft’s board of directors and will assume “an unspecified global leadership position,” Kraft said Tuesday.

The Northfield, IL-based company had been hurt by earnings shortfalls—linked to missteps by management and an overpricing of many Kraft products in a tight economy—and has seen its stock slip about 19% this year, reports said.

Under pressure from Wall Street to turn around its North American business, Kraft Foods removed Betsy Holden from the position of co-chief and named her counterpart, Roger Deromedi as CEO.

Betsy Holden

Roger Deromedi

Holden, considered one of the most powerful women in U.S. business, was also removed from her job as president of Kraft Foods North America. Deromedi, 50, has been president of Kraft Foods International since 1999 and has been with Kraft for 26 years. Holden oversaw revenue of about $21.5 billion last year, nearly three times that of overseas sales, according to news reports.

Holden, 48, remains on Kraft’s board of directors and will assume “an unspecified global leadership position,” Kraft said Tuesday.

The Northfield, IL-based company had been hurt by earnings shortfalls—linked to missteps by management and an overpricing of many Kraft products in a tight economy—and has seen its stock slip about 19% this year, reports said.