Nov
12
Michael Miles, Who Led Kraft and Philip Morris, Dies at 74
Posted in: UncategorizedMichael A. Miles, the former chairman and CEO of Kraft Inc. and of Philip Morris Cos., died Sunday at his home in Lake Forest. He was 74 and had been in declining health for several months, according to Wenban Funeral Home Ltd. in the northern suburbs.
Mr. Miles was a well-traveled executive in the food and consumer products industries who helped lead Kraft through its $13-billion merger in 1988 with tobacco and beverage maker Philip Morris, then among the biggest M&A deals ever.
The first non-smoker to head Philip Morris, he triggered what became “Marlboro Friday” in 1993 by ordering a 20% cut in the price of the famous brand in an effort to regain marketshare lost to generic competitors. Consumer product stocks swooned on the news.
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