Mondelez CEO Rosenfeld to Step Down -- 3rd Update
2017年8月2日 - 11:08PM
Dow Jones News
By Annie Gasparro
Irene Rosenfeld is stepping down after 11 years as chief
executive of Mondelez International Inc., as the snack giant faces
pressure to improve sales and profitability amid an upheaval in the
packaged food business.
Ms. Rosenfeld struggled for years to draw more profit from
Mondelez' broad portfolio of traditional snacks like Oreos and Ritz
crackers.
"In hindsight I think perhaps we could have gone after the costs
a little faster," Ms. Rosenfeld said on Wednesday. "My regret is
that we haven't fully realized the potential on the top line."
Now that work will fall to an outsider, Dirk Van de Put, head of
Canada's privately held McCain Foods Ltd., who will take over for
Ms. Rosenfeld in November. Ms. Rosenfeld, 64 years old, will
continue as chair of the Mondelez board until she retires in
March.
Mr. Van de Put, who has also worked for Danone SA, Coca-Cola Co.
and Mars Inc., will be moving from a $7.3 billion maker of french
fries and other potato products to a $66 billion conglomerate whose
disparate brands stretch from Triscuits to Trident gum.
"He is a seasoned global CEO," Ms. Rosenfeld said, citing his
experience at food companies on three continents, in both emerging
and developed markets. Mondelez board members have been searching
for Ms. Rosenfeld's successor since at least the spring.
Ms. Rosenfeld's retirement will shrink an already small pool of
female chief executives of the biggest U.S. businesses. As of June,
women held 28 of the CEO spots at S&P 500 companies, according
to Catalyst, a research group, 5.6% of the total. Catalyst's tally
reflects companies in that index as of January 2017. One woman
cited among those 28 CEOs, Tegna Inc.'s Gracia Martore, retired in
June. Her departure, and Ms. Rosenfeld's will decrease the total to
26.
Ms. Rosenfeld led Mondelez through several transformations. In
2010, she orchestrated the acquisition of British chocolate company
Cadbury PLC for $19 billion. Two years later, she spun off Kraft,
Oscar Mayer and other brands and renamed the remaining company
Mondelez.
But the more focused company struggled to grow its stable of
legacy brands. "Throughout my tenure as CEO, the world and our
industry have undergone a period of unprecedented change," Ms.
Rosenfeld said.
Activist investors Nelson Peltz and William Ackman took big
stakes in the company's stock and urged Mondelez to improve profit.
Ms. Rosenfeld responded in part by cutting costs, closing or
selling more than 40 factories. That helped boost the company's
adjusted operating margin to 15.3% in 2016 from 12% in 2013. Mr.
Peltz on Wednesday welcomed Mr. Van de Put's hiring and
congratulated Ms. Rosenfeld on her efforts to improve
profitability.
That work didn't entirely overcome broader headwinds facing food
makers. Mondelez has faltered in volatile emerging markets and
struggled to address consumer demands for fresher, healthier
food.
Slowing sales have sparked consolidation and executive changes
in the industry. Kraft in 2015 merged with H.J. Heinz Co. to form
Kraft Heinz Co., which made a bid for Unilever PLC earlier this
year. General Mills Inc., Hershey Co. and others have named new
CEOs this year.
Mondelez sought to buy Hershey last year in a deal worth more
than $25 billion. Ms. Rosenfeld walked away after Hershey rebuffed
its advances.
In its second quarter, Mondelez delivered revenue of $5.9
billion and earnings of 48 cents a share. Analysts polled by
Thomson Reuters expected 45 cents. Comparable sales in the quarter
fell 2.7%, hurt by the impacts of a cyberattack. The company still
expects to log 1% growth annually by that measure, with the help of
new better-for-you food brands like Vea.
Shares in Mondelez, down 1.6% this year, rose 2.7% to $44.80 in
premarket trading.
Joann S. Lublin contributed to this article
Write to Annie Gasparro at annie.gasparro@wsj.com
(END) Dow Jones Newswires
August 02, 2017 09:53 ET (13:53 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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