This is a quicker, less intrusive method with less downtime to reset mysql root password:
Create the following file and then enter the command that follows
<sxh bash>
vim /var/lib/mysql/mysql.init
</sxh>
\\
<sxh bash>
SET PASSWORD FOR 'root'@'localhost'=PASSWORD('mynewpassword');  
</sxh>
\\
Now edit: /etc/my.cnf and enter the following under the [mysqld] block
<sxh bash>
init_file=/var/lib/mysql/mysql.init  
</sxh>
\\
<sxh bash>
service mysqld restart  
</sxh>
\\
<sxh bash>
mysql -u root -p  
</sxh>
Now delete the /var/lib/mysql/mysql.init and init_file=/var/lib/mysql/mysql.init line entered in /etc/my.cnf file
==DONE==