Fred Walker (entrepreneur)

Fred Walker (January 5, 1884 - 21 July, 1935) was an Australian businessman and founder of Fred Walker & Co. The company is best known for creating Vegemite, a food paste and Australian cultural icon. [Prime Minister of Australia (2008). [http://www.pm.gov.au/australia/symbols/icons.cfm#vegemite Australian Icons] . Retrieved April 9, 2008.]

Walker was born in Melbourne and won a scholarship to attend Caulfield Grammar School. [Kraft Foods (2008). [http://www.kraftfoods.com.au/kraft/page?siteid=kraft-prd&locale=ausm1&PagecRef=2430&Mid=2430 Fred Walker] . Retrieved April 9, 2008.] He worked in the food import and export industry, and founded Fred Walker & Co in Hong Kong in 1903. He served in the Australian Military Forces from 1908 to 1918, before returning to his business. The company began manufacturing canned foods and bonox, a beef extract product still produced today, and grew to operate around Australia and in New Zealand.Australian Dictionary of Biography (2008). [http://www.adb.online.anu.edu.au/biogs/A120399b.htm Walker, Fred] . Retrieved April 9, 2008.]

In 1923, Walker hired chemist Cyril P. Callister to develop a yeast extract product that he believed could become successful. Vegemite was first sold in 1924, after Walker's daughter Sheila selected the winning entry from a public competition to name the product.Vegemite (2008). [http://www.vegemite.com.au/vegemite/page?siteid=vegemite-prd&locale=auen1&PagecRef=646 Facts & Fiction] . Retrieved April 9, 2008.] After poor sales performance, Walker changed the product's name to Marmite and Parwill before returning to Vegemite. [Vegemite (2008). [http://www.vegemite.com.au/vegemite/page?siteid=vegemite-prd&locale=auen1&PagecRef=670 Vegemite Discovery] . Retrieved April 9, 2008.] In 1935, customers were given a free jar of Vegemite with every Fred Walker & Co product purchased, and the popularity of the spread grew steadily after this promotion.

Walker began a partnership with American businessman James L. Kraft to manufacture processed cheese in 1925, and by 1930 was chairman of Kraft Walker Cheese Co, a separate company from Fred Walker & Co but managed by the same staff. He was also successful at attracting staff by offering workers social club, allowing for morning tea breaks from manufacturing, providing first aid and canteen facilities, and modern work systems that increased employee productivity.

From 1933 to 1934, Walker served as the president of the Melbourne Rotary Club, and he was also a director of the local YMCA. He was married and had one daughter, Sheila.

Walker died of heart disease in 1935. Fred Walker & Co was eventually purchased by Kraft Foods following Walker's death.

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