Sector News

Mondelez lays the groundwork to replace its CEO

April 10, 2017
Consumer Packaged Goods

Mondelez International is preparing to look for a successor to Chief Executive Officer Irene Rosenfeld as the snack maker faces shareholder pressure and a broad shift to healthier eating hab its , the Wall Street Journal reported, citing sources.

Mondelez , which makes Oreo cookies, Trident gum and Ritz crackers, has hired recruiting company Heidrick & Struggles International, and its board recently discussed outside candidates to potentially replace Rosenfeld, the newspaper said.

A Mondelez representative was not immediately available for comment.

The timing of the succession is up to Rosenfeld, who is also chairman, and Heidrick & Struggles has not yet been asked to interview prospects, the paper said.

Potential successors among Mondelez ‘s current executives include Tim Cofer, chief growth officer, and Chief Financial Officer Brian Gladden, the Journal said.

The company’s revenue fell more than 12% in 2016 as important emerging market economies faltered and consumers sought more nutritious foods, leading to a lagging share price that has sparked unrest among some Mondelez investors, the Journal said.

Shareholder activists Nelson Peltz and William Ackman own big stakes in the company and have urged Mondelez to boost earnings or sell its elf. (http://reut.rs/2on71io)

Mondelez , which has a market value of nearly $70 billion, last year tried to buy Hershey Co for $23 billion. Hershey rejected the offer, and Mondelez walked away.

There has also been speculation that Deerfield, Illinois-based Mondelez , which relies on foreign markets for most of its $26 billion in annual sales, could be taken over by one of its rivals.

Source: Reuters via Fortune

comments closed

Related News

December 3, 2023

‘Hangover Beauty’ tipped to be top trend in 2024 – WGSN

Consumer Packaged Goods

A new wave of brands is emerging that promotes indulgence and rejects the notion of sacrifice. Low-maintenance “hangover” beauty products are designed to address the effects of late nights and partying without judgment or hassle, and even include cosmetics that are formulated in a way that means you can fall asleep in your makeup without feeling guilty.

December 3, 2023

Diageo transforming Captain Morgan and Smirnoff distribution with circular packaging strategy

Consumer Packaged Goods

The pilot will allow the company to scale circular packaging in about 18 markets over the next three years, an approach that jumps on the success of similar efforts in the company’s Indonesia ecoSPIRITS program, which launched in 2022 and is active in 38 bars.

December 3, 2023

Unilever CEO: We will stop ‘force fitting’ purpose to our brands

Consumer Packaged Goods

Unilever’s focus on purpose across its brands has been a source of criticism from some of its investors. Its new CEO Hein Schumacher says the company now recognises there are some brands where the concept is simply not relevant.

How can we help you?

We're easy to reach