United executive Reeder retiring from Hawaii post

Norm Reeder, United Airlines managing director-Hawaii, will retire later this month after six years in the post and 35 years with the airline.

United said his replacement will be Thomas J. Renville, currently United's general manager of customer service in Denver.

When United appointed Reeder to the Hawaii post in 1995, the airline said establishing a managing director here was a mark of the significance of Hawaii to United, which has been flying to the islands since 1947.

Reeder had a great deal of autonomy in his overall responsibility for all of United's operations, sales and reservations in the islands. He also did much in the way of government relations and outside of the airline he played a significant role in the travel industry, including a stint as chairman of the Hawaii Visitors & Convention Bureau from 1998 to 2000.

Renville, his replacement, joined United in 1995 in a career that started in 1972 at Pacific Southwest Airlines and continued with U.S. Airways.

Kraft raises $8.7 billion in second biggest IPO ever

NEW YORK >> Shares of Philip Morris Cos.' Kraft Foods division, spun off in an $8.7 billion initial public offering that was the second largest ever in the United States, closed up less than 1 percent today in their trading debut on the New York Stock Exchange.

Kraft shares, trading under the symbol KFT, rose 25 cents to $31.25 after being priced at $31 per share yesterday by underwriters.

The offering price valued all of Kraft at about $53.8 billion.

New York-based Philip Morris will receive net proceeds of $8.4 billion from the deal, which will go toward paying down the company's debt.

Lead underwriters Credit Suisse First Boston and Citigroup Inc.'s Salomon Smith Barney have the option of purchasing an additional 28 million shares at the same $31 per share price, Philip Morris said.

The Kraft IPO ranks second behind last year's $10 billion-plus offering of stock in AT&T Wireless.

Kraft Foods is the nation's biggest food company, and its brands include Oscar Mayer meats, Maxwell House coffee, Kraft and Velveeta cheese, Ritz crackers and Oreo cookies.