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UPDATE 2-Kellogg's CEO Bryant steps down, Nature's Bounty exec to take over

UPDATE 2-Kellogg's CEO Bryant steps down, Nature's Bounty exec to take over
From Reuters - September 28, 2017

(Reuters) - Kellogg Co (K.N) replaced chief executive John Bryant with food industry veteran Steven Cahillane on Thursday as the worlds largest cereal maker continues efforts to halt 2-1/2 years of declining sales.

Kellogg, like other packaged food makers, has been struggling with falling demand as consumers shift to healthier alternatives, and Bryant has cut jobs and sought to streamline production over the past four years to bolster profits.

But his zero-based budgeting plan - which requires expenses to be justified for each new period - has also seen sales decline steadily since the start of 2015.

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