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Wrigley Names Nike's Perez As CEO
Monday October 23, 10:03 am ET
Wrigley Names Former Nike CEO William Perez As the First Person Outside Family to Head Company

CHICAGO (AP) -- Wm. Wrigley Jr. Co., the world's largest chewing-gum manufacturer, named former Nike Inc. CEO William Perez on Monday as the first person outside the Wrigley family to head the 114-year-old company.
Perez, 59, replaces Bill Wrigley Jr., who also had been serving as chairman. Wrigley will remain in the post as executive chairman.

Perez was president and chief executive of athletic apparel maker Nike until earlier this year. He was an executive at SC Johnson for 34 years, including eight years as president and chief executive. He will also join Wrigley's board of directors.

Wrigley said he recommended to the board of directors that Perez be brought in as CEO.

"To continue to effectively drive our dynamic and highly competitive global company, I firmly believe this is the right time to divide the top leadership responsibilities between two people, particularly given today's commercial and governance climate," said Wrigley, who had headed the company since his father William Wrigley died in 1999.

Wrigley products include gum and candy under the brand names Wrigley, Altoids, Juicy Fruit and others.

The announcement came as Wrigley reported an increase of 14 percent in third-quarter earnings, lifted by a sales rise in Asia.

Quarterly net income totaled $148 million, or 53 cents per share, compared with net income of $129.7 million, or 46 cents per share during the same period last year. Revenue grew 11 percent to $1.18 billion, from $1.06 billion last year.

Results included a 2-cent restructuring charge. All per-share figures reflect a 5-for-4 stock split on May 1.

Analysts had expected earnings of 51 cents per share on revenue of $1.15 billion, according to a Thomson Financial poll.

Shares in the company jumped $5.69, 12.2 percent, to $52.54 in morning trading on the New York Stock Exchange.

http://www.wrigley.com