BATTLE CREEK, Mich. (AP) — Kellogg Co. named a new chairman on Friday and said that it would boost its dividend later this year.
The maker of Frosted Flakes cereal and Eggo waffles said CEO John Bryant will succeed James Jenness as chairman July 1.
Jenness, 68, will remain on the board. He was once CEO of the company.
Bryant, 48, has worked at the company since 1998 and became CEO in 2011.
Kellogg also said Friday that it would pay a dividend of 46 cents per share on June 16 to shareholders of record as of June 2.
It will increase its dividend by 6.5 percent to 49 cents starting in the third quarter, which begins in July.
Shares of Battle Creek, Mich.-based Kellogg rose 17 cents to close at $66.70 Friday.