On Wednesday, Mondelez International, Inc. (NASDAQ: MDLZ) announced that CEO of McCain Foods Ltd., Dirk Van de Put, is to take over for CEO Irene Rosenfeld in November. Rosenfeld, 64, has been CEO since 2006 and has faced pressure from activist investors to increase the company’s profit margins.
Mondelez’s second quarter earnings showed improved operating margins even though revenue has fallen. Shares were down 1.6% this year and rose 2.7% to $44.80 in premarket trading.
Worth $7.3 billion, McCain’s CEO will oversee a variety of products including snack, gum, and candy. At Mondelez, the company’s market value totals to $66 billion. Having Van de Put as new CEO will be a great move since the expertise has plenty of experience in all business and commercial operations in emerging and developing markets. Van de Put has lived and worked in 3 different continents and delivered revenue of $5.9 billion and earnings of 48 cents a share.