Kraft announces turnaround plan

Kraft Foods listed cost-cutting, product revitalization, revamping sales capabilities and restructuring growth as its highest priorities, according to a four-part plan released by the company today. The turnaround plan calls for an investment of $300 million to $400 million on marketing and R&D, and may cut 8,000 jobs. "This is a pivotal time in Kraft's history, and while there are things we have to fix, our organization is energized about pursuing a number of trajectory-changing initiatives," Kraft's CEO Irene Rosenfeld said. "I am confident that our new strategies will return Kraft to predictable and consistent growth."

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