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http://money.cnn.com/2004/11/29/news...ex.htm?cnn=yes
Kellogg CEO to head Commerce Dept.
President names Kellogg CEO Carlos Gutierrez as commerce secretary.
November 29, 2004: 12:44 PM EST
NEW YORK (CNN/Money) - President Bush nominated Kellogg CEO Carlos Gutierrez as the new Commerce Secretary Monday.
If confirmed by the U.S. Senate, Gutierrez, 51, will replace Don Evans who said earlier this month he was resigning.
President Bush, speaking at a press conference, called Gutierrez "one of America's most respected business leaders. He is a great American success story."
In picking Gutierrez for the Cabinet post, Bush signaled that he is moving fast to fill several high-level vacancies as he heads into his second term. Bush, who has pledged to overhaul Social Security and the federal income tax, is in the process of revamping his economic team.
Peter Morici, a former U.S. trade official who is now a professor at the University of Maryland's business school, said Gutierrez appears to fit Bush's pattern of hiring trusted managers over untested innovators.
"Bush has a clear idea of what he wants to do on the economy," said Morici. "He's really not looking for people to come in and create new policy for him, rather to be a messenger and execute according to his blueprint."
Gutierrez got his start at Kellogg in 1975 as a sales representative in Mexico City.
He then worked his way up the corporate chain of command, serving in various marketing and product development roles. He held senior positions at Kellogg's Mexico, Canada and Asia-Pacific operations before moving into the parent company's executive offices in 1996.
On top of CEO, Gutierrez has served as the Kellogg's chairman since 2000.
In joining the Bush cabinet, Gutierrez gives up a post that paid him about $7.3 million in total compensation last year, including cash salary, bonus and incentive payments.
At the Commerce Department, Gutierrez will oversee an agency with more than 35,000 employees with a budget last year of $6 billion. The $175,000-a-year position entails promoting the nation's economy, technological development and international trade.
Gutierrez said he would be honored to serve in the post and to "play a role in advancing the president's great and bold agenda for our country."
James M. Jenness, a company director and an advertising industry veteran, was named to replace Gutierrez as CEO of Kellogg (Research). Jenness, who has served as chief operating officer of Leo Burnett Company, Kellogg's top advertising agency, will take over only if Gutierrez is confirmed by the Senate.
The company's shares were down nearly three percent in early afternoon New York Stock Exchange trading.
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