Kellogg’s CEO Steve Cahillane originally announced the breakup of the food titan into three stand-alone businesses — cereal, snacking, and plant-based foods — in June 2022. Last month, the company decided to retain the plant-based food business amid challenging demand conditions for the industry that have tripped up leaders Beyond Meat (BYND) and Impossible Foods.
The cereal and snacks giant revealed this week the new names of its two businesses once it completes the planned breakup later this year: Kellanova and WK Kellogg Co.
“It was a daunting task when you think about renaming a 117-year-old iconic household name company,” Cahillane told Yahoo Finance Live. The CEO added that consumers will still see the Kellogg’s brand name on Corn Flakes and other brands.
As currently planned, Kellanova will house well-known snack brands such as Pringles, Cheez-It, and Pop-Tarts as well as its plant-based food business Morningstar.
The Kellanova business, which will be run by Cahillane, is slated to trade under Kellogg’s current stock ticker symbol “K” on the New York Stock Exchange. Kellogg says the Kellanova name is meant to tie back to the heritage of the 117-year-old company while also signaling a new era of growth.
The traditional cereal business, which boasts names such as Froot Loops and Corn Flakes, will be called WK Kellogg Co — a nod to the company’s founder William Keith Kellogg. The business’s stock symbol and exchange information will be released in coming months.
At the time of the announcement, Cahillane told Yahoo Finance Live the breakup reflected his view that the market wasn’t properly valuing Kellogg’s fast-growing snacks business and efforts to streamline costs.
Cahillane stated that a better “focus” will serve the businesses well.
