Summary
Mondelēz International, Inc. (MDLZ) filed an 8-K on July 22, 2016, reporting key personnel changes effective September 1, 2016. The company announced an increase in its Board of Directors size from 13 to 14 members with the appointment of Charles E. (Chuck) Bunch as a new director. Mr. Bunch will also serve on the Human Resources and Compensation Committee and the Governance, Membership and Public Affairs Committee. Investors should note that Mr. Bunch's compensation will align with the company's existing non-employee director compensation structure, details of which are available in prior filings. Additionally, the company appointed Nelson Urdaneta as its new Vice President, Corporate Controller and Chief Accounting Officer. Mr. Urdaneta's promotion from his previous role as Vice President Finance, Asia Pacific, indicates internal talent development. The filing clarifies there are no reportable related-party transactions or significant changes to Mr. Urdaneta's compensation associated with this new role. These appointments are effective September 1, 2016, and the company has attached a press release as an exhibit.
Key Highlights
- 1Mondelēz International expanded its Board of Directors from 13 to 14 members.
- 2Charles E. (Chuck) Bunch was appointed as a new director to the Board.
- 3Mr. Bunch will serve on the Human Resources and Compensation Committee and the Governance, Membership and Public Affairs Committee.
- 4Mr. Bunch's compensation will be consistent with other non-employee directors.
- 5Nelson Urdaneta was appointed as Vice President, Corporate Controller and Chief Accounting Officer.
- 6Mr. Urdaneta's appointment is effective September 1, 2016, following his role as VP Finance, Asia Pacific.
- 7No material changes to Mr. Urdaneta's compensation were reported, and there are no related-party transactions to disclose for either appointee.