"In his almost 11 years at the helm of Mars, Incorporated, Michaels has overseen a period of outstanding business performance and tremendous achievement. He also built up the talent of the company while strengthening the visible presence of our Five Principles -- Quality, Efficiency, Responsibility, Mutuality and Freedom -- in the way we operate," said Victoria B. Mars, chairman of the Mars board of directors. "It's because of his focus on nurturing leaders who are both talented and principled, that we have such a strong internal successor in the business. We are proud and excited that Grant, a 26-year veteran of the business, and a member of the Mars Leadership Team since 2007, will be our next president."

As global president of Mars Chocolate, one of Mars' biggest business segments, Grant leads more than 17,000 Associates. Reid has led the Chocolate business to deliver consistent growth in mature and emerging markets. In addition, he has been a champion of industry efforts to collaborate on the issue of cocoa sustainability. In particular, he has grown the Mars' Sustainable Cocoa Initiative.

Reid will step into a co-office of the president role effective July 2 and will then have the time to partner with Michaels on transition plans before taking on the role president of Mars formally in January 2015.

"I'm grateful to the board of directors for giving me this opportunity and proud to have been chosen as the next president of Mars Incorporated. Mars has always encouraged and provided opportunity for growth and development of Associates, and I am certainly living proof of that fact," said Reid. "I believe in the Mars culture, I love the Mars brands and I know that we have the best Associates in the world. We have a truly exciting future and I'm honored to lead the organization into that future."