Activist investor Nelson Peltz to leave Mondelēz Board
Peltz took the decision to devote more time to other Board commitments. He has been a Mondelez director since 2014.
The businessman – with a net worth of $1.66bn according to Forbes – is also a director of Sysco Corporation and The Madison Square Garden Company, and will become a director of The Procter & Gamble Company from March 1, 2018.
Mondelēz has appointed Debra Crew, former president and CEO of Reynolds American, and Peter May, president and a founding Partner of Trian, to its Board, effective March 1, 2018.
Trian is the fourth largest shareholder of Mondelēz with 4% of institutional holdings, according NASDAQ.
The asset management firm pushed PepsiCo to acquire Mondelēz in 2013 – but a deal never materialized.
Mondelēz performance and outlook
Mondelēz reported a revenue decline of 0.1% to $25.9bn in 2017, representing 0.9% organic growth. It fell slightly short of its target of at least 1% organic net revenue growth.
Former McCain Foods president Dirk Van de Put succeeded Irene Rosenfeld as Mondelēz’s CEO in November 2017.
Mondelēz expects 2018 net organic revenues to increase 1% to 2% in 2018.