Mondelēz appoints new CEO amid mixed Q2
Mondelēz International has appointed Dirk Van de Put as its new CEO after posting a mixed second-quarter performance, with the recent malware incident weighing on net revenues.
Van de Put, who currently serves as president and CEO of McCain Foods, will succeed Irene Rosenfeld in November. Rosenfeld will continue as chairman of the board until 31 March 2018, at which point she will retire and Van de Put will also assume the role of chairman.
Prior to joining McCain, Van de Put held executive positions with Novartis, Groupe Danone, The Coca-Cola Company and Mars.
Separately, the company reported a decline in second-quarter net revenues, weighed down by the recently reported malware incident. Net revenues fell 5% to $5.99 billion for the three months to 30 June, compared to $6.30bn last year. The malware incident impacted net revenues by a negative 2.3 percentage points.
Gross margin fell 110 basis points to 38.8%, primarily due to the unfavourable impacts from currency and commodity hedging activities.
Net earnings, however, increased 6.2% to $500m from $471m last year.
Rosenfeld says, “We delivered strong margin expansion and double-digit EPS growth in the quarter despite the revenue impact from the malware incident at the end of June. We’re seeing improved trends in Europe and across many of our emerging markets, and our North America business is on track for a stronger second half.”
For the first half of the year, net earnings grew 10.2% to $1.13bn from $1.03bn in the prior year, while net revenues declined 2.8% to $12.40bn from $12.76bn and gross margin dropped to 39.1% from 39.6% in the prior year period.