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What Irene Rosenfeld Accomplished At Mondelez

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What Irene Rosenfeld Accomplished At Mondelez

Irene Rosenfeld's tenure as CEO of Mondelez International Inc (NASDAQ: MDLZ) has come to an end. The executive confirmed Wednesday she will step down as CEO in November and will give up her board of director seat next year.

Rosenfeld was instrumental in Kraft's 2010 acquisition of UK-based Cadbury. In fact, Rosenfeld, Kraft's executive chair woman, was in charge of developing a longer-term strategy to boost Kraft's profits and enter new markets. The acquisition was also seen as being necessary to combat what was believed to be an eventual Nestle SA (ADR) (OTC: NSRGY)–Hershey Co (NASDAQ: HSY) merger, although that never developed.

Kraft Foods announced in August 2011 that it would be split into two companies, a general grocery business called Kraft Foods, eventually Kraft Heinz Co (NASDAQ: KHC), and a snack-food business called Mondelez International with Rosenfeld serving as CEO.

Rosenfeld's tenure as CEO was met with its fair share of challenges. Activist investor Nelson Peltz joined other large shareholders to make their criticisms of the Oreo maker public as early as 2013. Among the many complaints was a track record of "consistently" missing her numbers. In fact, calls for her ouster began at that time and continued throughout the years.

Peltz is also an influential PepsiCo, Inc. (NYSE: PEP) shareholder and pushed for the two companies to merge — unsuccessfully.

Investors Should Be Happy

Rosenfeld acknowledged in a CNBC interview that the thorough succession process has occurred over a few years.

"I feel very good about the progress the company has made over the last decade and I think it is in good shape as we look ahead," she said in the interview.

Rosenfeld's successor, Dirk Van de Put, is a "seasoned executive" with a "proven track record" of growing both the top and bottom-line even during challenging periods. This is particularly attractive as it comes at a time when the company is starting to "write the next chapter of the Mondelez story" — a likely reference to a revamped focus on healthier snack options.

Related Links:

Could An Ouster Of Mondelez's Irene Rosenfeld Mean A Deal For Buffett's Berkshire?

Myth: Sales Of Snacks Rise In Uncertain Times

Posted-In: Cadbury Dirk Van de Put food Irene Rosenfeld Nelson PeltzNews Management Media Best of Benzinga

 

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