Summary
Mondelez International, Inc. (MDLZ) filed an 8-K on October 8, 2014, primarily announcing a significant change in its Chief Financial Officer role and a related leadership transition. Brian T. Gladden was appointed Executive Vice President and Chief Financial Officer, effective December 1, 2014, bringing extensive financial experience from his previous role at Dell Inc. Concurrently, the current CFO, David A. Brearton, will transition to a new role focused on the D.E. Master Blender joint venture, highlighting the company's strategic focus on its coffee business expansion. This report also details Mr. Gladden's comprehensive compensation package, including base salary, incentive targets, and substantial one-time equity and cash awards designed to incentivize his recruitment. Additionally, Luca Zaramella was appointed Senior Vice President and Corporate Controller, effective December 1, 2014, succeeding Kim Harris Jones who will retire in early 2015. These executive appointments signal an ongoing effort by Mondelez to strengthen its financial leadership and manage its strategic initiatives.
Key Highlights
- 1Appointment of Brian T. Gladden as Executive Vice President and Chief Financial Officer, effective December 1, 2014.
- 2Transition of David A. Brearton from CFO to Executive Vice President, Strategic Initiatives, focusing on the D.E. Master Blender joint venture.
- 3Brian T. Gladden's compensation package includes a $900,000 base salary, 100% target annual incentive, 200% target long-term incentive, and significant equity grants totaling up to $4,500,000 in one-time awards.
- 4Mr. Gladden's prior experience includes serving as Senior Vice President and CFO of Dell Inc.
- 5Appointment of Luca Zaramella as Senior Vice President and Corporate Controller, effective December 1, 2014.
- 6Retirement of Kim Harris Jones, current Senior Vice President and Corporate Controller, scheduled for early 2015.
- 7The announcement of these appointments is accompanied by a press release dated October 9, 2014.