It's "simply good corporate governance,” but Mondelez International Inc. reportedly has engaged an executive search firm to find a replacement for CEO Irene Rosenfeld if and when she retires.
A report in the Wall Street Journal quoted sources saying the giant snack company has retained Heidrick & Struggles International Inc. to find likely candidates, and the board of directors recently discussed external candidates who could replace Rosenfeld, who turns 64 next month.
Heidrick & Struggles hasn’t yet been asked to interview prospects, and succession timing is up to Rosenfeld, who is also chairman, the sources told the Journal.
Rosenfeld long ago worked for General Foods, which became part of Kraft, left to head the Frito-Lay division of PepsiCo, then was appointed CEO of Kraft Foods in mid-2006. She engineered the creation of Mondelez and its split from Kraft in 2012, moving on to the snack company.
A spokesperson for Mondelez told the Journal: “We have succession plans in place for all executives. That’s simply good corporate governance.”