William Wrigley Jr. Co. (WWY), known for its chewing gum, breath mints and hard candy, has gone outside the family for the first time to choose a new chief executive.
They have chosen William D. Perez, formerly and briefly at the helm of Nike. Bill Wrigley Jr. will stick around as executive chairman, as did Philip H. Knight, the founder of Nike when Perez took over.
Wrigley, based in Chicago, calls this "an historic and important milestone" in the 114-year existence of the company, as reported by the NYTImes.com.
To date Mr. Wrigley has been aggressive in looking for growth opportunities acquiring Life Savers and Altoids brands from Kraft Foods Inc. (KFT) and the attempt to acquire Hershey Co. (HSY).
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