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Wrigley Changes Chief

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The Chicago-based Wm. Wrigley Jr. Company, the world’s largest chewing gum maker, has a new CEO.

No one outside the Wrigley family has been in charge of the company in its 114 year history. But that changed today as William Perez takes over as CEO --it was a surprise announcement.

Former CEO Bill Wrigley will still be with the company. In fact, a new position is being created for him: executive chairman. He’ll also be the chairman of the board.

Perez says the two men will have a duel leadership role.

“Bill and I have a very clear understanding that this is going to work because we’re going to work together. We’re going to communicate. And we will speak to the Wrigley team with a single voice,” says Perez.

Bill Wrigley says he is turning over his role as CEO to Perez voluntarily.

He says he wants the change to happen while the company is strong. After posting better than expected earnings for the third quarter today. It’s stock soared 13 percent. The company’s highest one day gain in the the last 20 years.

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