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October 24, 2006

Wrigley Co Names Outsider to CEO Post

Stock jumped 14% after the announcement, according to the article.

From today's NYT:

For William D. Perez, it must be hard not to feel as if his new job is déjà vu all over again. The Wm. Wrigley Jr. Company, purveyor of all things minty fresh, named Mr. Perez its chief executive yesterday, the first time it has tapped someone outside its founding family in its 115 years.

It is the second time in less than two years that Mr. Perez has accepted a position at the helm of a company whose previous chief executive is staying on but promising to stay out of his way. Nike’s founder, Philip H. Knight, also gave Mr. Perez such assurances, but then pushed him out this year after only 13 months.

Mr. Perez said he was confident things would be different this time even though Bill Wrigley Jr. will stay with the company in the new position of executive chairman.


Posted by Becky at October 24, 2006 2:03 PM Posted to Business News | Corporate Governance | International