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    Mondelez International Inc (MDLZ)

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    Business Description

    Mondelez International, Inc. is a global leader in the snack food industry, operating in over 150 countries. The company specializes in the production and sale of chocolate, biscuits, and baked snacks, with additional ventures in gum & candy, cheese & grocery, and powdered beverages . Mondelez's product categories are organized into five main segments, with a strategic focus on generating the majority of its revenue from its core snacking categories .

    1. Biscuits & Baked Snacks - Produces a wide range of biscuits and baked snack products, contributing significantly to the company's revenue.
    2. Chocolate - Offers a variety of chocolate products, playing a crucial role in the company's core business strategy.
    3. Gum & Candy - Engages in the production and sale of gum and candy products, complementing its core snack offerings.
    4. Beverages - Involves the production and distribution of powdered beverages, expanding the company's product portfolio.
    5. Cheese & Grocery - Includes cheese and grocery items, providing additional variety to the company's product lineup.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Dirk Van de PutChairman and Chief Executive OfficerNovember 2017Dirk Van de Put is the Chairman and Chief Executive Officer of Mondelēz International. He became CEO in November 2017 and Chairman in April 2018. Previously, he was President and CEO of McCain Foods Limited and held leadership roles at Novartis AG, Groupe Danone SA, The Coca-Cola Company, and Mars, Incorporated .
    Luca ZaramellaExecutive Vice President and Chief Financial OfficerAugust 2018Luca Zaramella is the Executive Vice President and Chief Financial Officer at Mondelēz International. He assumed this role in August 2018. He joined Mondelēz in 1996 and has held various finance roles, including Senior Vice President Corporate Finance and CFO Commercial .
    Vinzenz P. GruberExecutive Vice President and President, EuropeJanuary 2019Vinzenz P. Gruber became the Executive Vice President and President, Europe in January 2019. He has been with Mondelēz since 1989, with a break from 2000 to 2007, and has held roles such as President, Western Europe and President, Chocolate, Europe .
    Deepak D. IyerExecutive Vice President and President, Asia Pacific, Middle East and AfricaJune 2023Deepak D. Iyer became the Executive Vice President and President, Asia Pacific, Middle East and Africa in June 2023. He joined Mondelēz in 2016 and previously served as President India. He has held leadership positions at PepsiCo, Wrigley India, and Bharti AXA General Insurance .
    Stephanie LilakExecutive Vice President and Chief People OfficerJanuary 2024Stephanie Lilak became the Executive Vice President and Chief People Officer in January 2024. She was previously the Chief People Officer at Bumble Inc. and held senior HR roles at Dunkin’ Brands Group and General Mills .
    Mariano C. LozanoExecutive Vice President and President, Latin AmericaMay 2022Mariano C. Lozano became Executive Vice President and President, Latin America in May 2022. Before Mondelēz, he was CEO of Danone North America and held various leadership roles at Danone across Latin America .
    Daniel E. RamosExecutive Vice President and Chief Research and Development OfficerNovember 2022Daniel E. Ramos became the Executive Vice President and Chief Research and Development Officer in November 2022. He was previously Senior Vice President of Global Packaging at The Estée Lauder Companies and Chief Scientific Officer at Coty Inc. .
    Laura SteinExecutive Vice President, Corporate & Legal Affairs, General Counsel and Corporate SecretarySeptember 2023Laura Stein became Executive Vice President, Corporate & Legal Affairs, General Counsel and Corporate Secretary in September 2023. She joined Mondelēz in 2021 and previously worked at The Clorox Company in various leadership roles .
    Gustavo C. ValleExecutive Vice President and President, North AmericaMarch 2022Gustavo C. Valle became Executive Vice President and President, North America in March 2022. He was previously Executive Vice President and President, Latin America, and has held leadership roles at Groupe Danone SA .
    Volker KuhnExecutive Vice President and President, EuropeApril 1, 2025Volker Kuhn will serve as the Executive Vice President and President, Europe effective April 1, 2025. He will join Mondelēz on January 6, 2025. Kuhn comes from Reckitt's hygiene business and has extensive experience from Procter & Gamble .
    Vinzenz P. GruberExecutive Vice President and President, Europe (retiring)Retiring April 1, 2025Vinzenz P. Gruber has served as the Executive Vice President and President, Europe since January 2019. He announced his retirement effective April 1, 2025. He has been with Mondelēz since 1989, with a break from 2000 to 2007, and has held roles such as President, Western Europe and President, Chocolate, Europe .

    Questions to Ask Management

    1. Given that volume declines in North America have moderated but still need to improve, and considering the ongoing softness in the U.S. biscuit business, how confident are you in achieving the expected volume growth in the second half and reaching the upper end of your revenue guidance? ,

    2. With cocoa prices being a material headwind in the second half and your expectation of higher costs related to cocoa, how are you planning to manage margins in your chocolate business, and are you considering further price increases that might impact volume and market share? ,

    3. In North America, consumers are seeking products at lower absolute price points, impacting brands like Chips Ahoy!, and you are introducing new packs in the $3 to $4 range; how will this strategy affect your profitability, and what risks do you see in balancing value offerings with margin protection? ,

    4. Despite strong earnings growth and cash flow running at $4 billion plus, your long-term free cash flow guidance remains at $3 billion; what are the key factors preventing you from raising this guidance, and how should investors think about your capital allocation priorities? ,

    5. With the ERP transition and SAP implementation planned over the next four years, what risks does this pose to your business operations and financial performance, particularly in 2025, and how are you mitigating potential disruptions associated with such a significant system change? ,

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateJanuary 1, 2023
    End Date/DurationDecember 31, 2025
    Total additional amount$6.0 billion
    Remaining authorization$3.2 billion as of September 30, 2024
    DetailsThe program allows for discretionary repurchases determined by management.

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • Campbell Soup Company
    • The Coca-Cola Company
    • Colgate-Palmolive Company
    • Danone S.A.
    • General Mills, Inc.
    • The Hershey Company
    • Kellanova (formerly Kellogg Company)
    • The Kraft Heinz Company
    • Nestlé S.A.
    • PepsiCo, Inc.
    • The Procter & Gamble Company
    • Unilever PLC

    Auditor

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP2001 PresentCurrent auditor

    Latest news

    Recent developments and announcements about MDLZ.

    Financial Reporting

      Earnings Call

      ·
      7 hours ago

      Mondelez International (MDLZ) recently released its earnings call transcript, providing insights into its financial performance, strategic initiatives, and market outlook for 2025. Below is a summary of the key points:

      Financial Performance

      • Revenue and Profit: Mondelez reported organic net revenue growth of 4.3% for 2024, with adjusted gross profit dollar growth of 5.1%. However, the company anticipates a 10% decline in adjusted EPS for 2025 due to unprecedented cocoa cost inflation.
      • Regional Performance: North America grew 1.5% for the year, with Q4 growth at 0.4%. Emerging markets like China and Brazil showed strong growth, while India experienced softness in biscuits.
      • Cash Flow and Shareholder Returns: Mondelez generated $3.5 billion in free cash flow in 2024 and returned $4.7 billion to shareholders through dividends and share repurchases. A new $9 billion share repurchase authorization was announced for 2025-2027.

      Management’s Forward Guidance

      • Cocoa Costs: Elevated cocoa prices are expected to persist throughout 2025, with potential for additional pricing actions in the second half of the year depending on market conditions.
      • 2025 Outlook: Mondelez expects top-line growth of approximately 5% and plans to mitigate profit pressures through pricing strategies, cost-saving measures, and supply chain productivity improvements.
      • 2026 Projections: Management is committed to EPS growth in 2026, regardless of cocoa price trends. If cocoa prices remain high, further pricing actions will be taken; if prices decline, earnings power will improve.

      Strategic Initiatives

      • Product Innovation: Mondelez launched new fresh snack packs for brands like Oreo and Ritz, and announced a partnership with Post Malone for a limited-edition Oreo product.
      • Sustainability: The company reduced carbon emissions by 38% since 2018 and achieved 96% recyclable packaging. Approximately 80% of its snacks now feature mindful portion recommendations.
      • Digital Expansion: E-commerce grew double digits in 2024, with continued investments in digital snacking capabilities.

      Analyst Questions and Management Responses

      • Market Conditions: Analysts inquired about the impact of health trends and GLP-1 drugs on snacking. Management stated that indulgent snacking remains robust, with no significant shift away from snacking observed.
      • Cocoa Pricing: Analysts questioned the structural changes in cocoa supply and demand. Management acknowledged speculative market behavior but remains optimistic about eventual price normalization.
      • Elasticities: Mondelez reported benign elasticities of 0.4% for chocolate, indicating strong consumer loyalty despite price increases.

      Key Takeaways

      Mondelez is navigating a challenging environment marked by record cocoa prices and economic uncertainty. The company is leveraging pricing strategies, cost efficiencies, and product innovation to maintain category health and shareholder value. While 2025 will be a transitional year with profit pressures, Mondelez remains optimistic about long-term growth prospects.

      For further details, please refer to the full earnings call transcript.

    Corporate Leadership

      Leadership Change

      ·
      Jan 27, 2025, 9:31 PM

      Who is leaving? Michael Call will step down as Chief Accounting Officer on February 10, 2025, but will remain with the company as Senior Vice President, Finance for the North America region.

      Who is stepping up? Brian Stevens has been appointed as Senior Vice President, Corporate Controller & Chief Accounting Officer, effective February 10, 2025.

      Why? The document does not specify the reason for the leadership change but outlines the transition plan and new roles for both individuals.

      Leadership Change

      ·
      Dec 3, 2024, 2:46 PM

      Vinzenz Gruber is retiring as Executive Vice President and President, Europe, at Mondelēz International, effective April 1, 2025. Volker Kuhn will step up to replace him, joining the company on January 6, 2025, to ensure a smooth transition. Kuhn brings extensive experience from Reckitt and Procter & Gamble, where he led significant growth and transformation initiatives .