Mondelez International is reportedly laying the groundwork for the replacement of CEO Irene Rosenfeld, even as the group continues to struggle of late.
According to a report by the Wall Street Journal, which cited unnamed sources, the board of Mondelez has hired a recruiting firm (Heidrick & Struggles International) and has discussed external candidates who could succeed Rosenfeld. Potential internal candidates are believed to be CFO Brian Gladden and Chief Growth Office, Tim Cofer.
The paper said the timing of the succession is being left to Rosenfeld, who is also Chairman of the board, adding that the recruiting firm has not yet interviewed any potential candidates.
Mondelez has seen its revenue drop for three straight years, including by more than 12% in 2016. It has also come under pressure from activist investors to alter its strategy to boost shareholder value.