Chairman and Chief Govt Officer of WK Kellogg Co Gary Pilnick is taking warmth on-line after suggesting that financially struggling People ought to eat cereal for dinner throughout a latest interview.
Pilnick appeared in an interview with CNBC final week the place he touted the model’s newest promoting marketing campaign with the tagline: “Give hen the night time off.” Within the interview, he steered that People who’re struggling financially ought to go for cereal as dinner in the course of the week.
“The cereal class has all the time been fairly reasonably priced, and it tends to be an important vacation spot when shoppers are underneath stress,” Pilnick mentioned. “If you concentrate on the price of cereal for a household versus what they could in any other case do, that is going to be rather more reasonably priced … Cereal for dinner is one thing that’s in all probability extra on pattern now, and we might count on to proceed as that shopper is underneath stress.”
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Cereal costs within the U.S. have elevated roughly 28% because the starting of 2020, in keeping with most latest knowledge by the Bureau of Labor Statistics, whereas the Kellogg’s firm elevated costs by over 12% throughout merchandise throughout fiscal 2022-2023.
In March 2023, Kellogg introduced that its North American cereal division would change to be named underneath WK Kellogg Co. whereas the worldwide snack model can be named Kellanova.
WK Kellogg Co. noticed internet gross sales attain $2.76 million in 2023, up 2.5% yr over yr.
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“As an unbiased firm, we’re already experiencing the advantages of better strategic focus and operational flexibility as we purpose our group, capital, and sources in direction of delivering on our strategic aims,” Pilnick mentioned in an organization launch on the time.
Naturally, Pilnick’s feedback have been met with opposition on social media.
Kellogg’s CEO Gary Pilnick on $5m paypacket says poor households ought to eat ‘cereal for dinner’.
Cereal costs up 28% in final 4 hrs.
He will not minimize earnings or individuals a wage rise.
What does he assume will occur to people who find themselves denied good food plan?https://t.co/GBO1SV4B6J
— Prem Sikka (@premnsikka) February 27, 2024
Kellogs is among the many least reasonably priced meals for individuals struggling.
— D10cat (@TriciaD11cat) February 27, 2024
WK Kellogg Co, was down over 13.5% in a one-year interval as of Tuesday late afternoon.