Mondelez International - Class A (MM) (NASDAQ:MDLZ)
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2 Years : From Mar 2012 to Mar 2014
By Kristin Jones
Mondelez International Inc. (MDLZ) is shuffling the management teams in its developing-markets and its gum businesses.
The maker of Trident gum, Oreo cookies and Cadbury chocolates said it is streamlining the operating structure of its developing-markets business. Effective Jan. 1, the company will have five operating units: Europe; North America; Latin America; Asia Pacific and Eastern Europe, the Middle East and Africa.
The company said Sanjay Khosla, 61 years old, will retire as president of developing markets in the spring of 2013, to "pursue his passions for teaching, writing and board work," said Chief Executive Irene Rosenfeld. "With the spin-off completed and our new company successfully launched, we've agreed that now is the right time."
Mondelez also said that Trevor Bond, chief customer officer for global sales, will take on additional leadership roles in the gum and candy business. Mr. Bond will become president, chief customer officer and global gum and candy category leader.
He will replace Jim Cali, who has led the company's gum business since 2006. Mr. Cali will take on a leadership role in snacking strategy and innovation.
Missteps in Russia and Brazil hurt the company's sales in the third quarter, its first since spinning off its North American grocery business to focus on growing its snack brand globally. In Brazil, the company ran into trouble with its gum business, as slow sales caused inventory to build up. In Russia, Mondelez didn't cut prices on its coffee as fast as some of its competitors, which hurt sales volumes there.
Shares were up fractionally at $25.70 in recent after-hours trading Monday. Through the close, the stock was up 5% so far this year.
Write to Kristin Jones at firstname.lastname@example.org
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