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Industry NewsMondelez reportedly seeks successor to CEO Irene Rosenfeld

Mondelez reportedly seeks successor to CEO Irene Rosenfeld

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Thursday, April 13, 2017

Mondelez International Inc. is looking for a successor to CEO Irene Rosenfeld at a time when the snack maker faces shareholder pressure and a broad shift to healthier eating habits, reports the Wall Street Journal.

Mondelez has hired recruiting company Heidrick & Struggles International Inc., and its board recently discussed outside candidates to potentially replace Rosenfeld, the newspaper said. The timing of the succession is up to Rosenfeld, who is also chairman, and Heidrick & Struggles has not yet been asked to interview prospects.

Potential successors among Mondelez’s current executives include Tim Cofer, chief growth officer, and chief financial officer Brian Gladden.

The company’s revenue fell more than 12 per cent 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 newspaper said. Shareholder activists Nelson Peltz and William Ackman own big stakes in the company and have urged Mondelez to boost earnings or sell itself.

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

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