DEERFIELD, Ill., Dec. 3, 2012 /PRNewswire/ -- Mondelez International (NASDAQ: MDLZ) announced today that Sanjay Khosla, 61, Executive Vice President and President, Developing Markets, will retire in the spring of next year.
"Having built our Developing Markets business into the growth engine of the company and a critical part of our global portfolio, Sanjay and I have been discussing since last year the best time for him to retire to pursue his passions for teaching, writing and board work," said Irene Rosenfeld, Chairman and CEO. "With the spin-off completed and our new company successfully launched, we've agreed that now is the right time."
"I'm pleased to be leaving the company having largely accomplished the challenge Irene put before me when I first arrived: to dramatically increase our Developing Markets business," Khosla said. "Moreover, I'm especially proud of the tremendous talent we've developed throughout the organization. Indeed, the people who will continue to lead the regions have earned their promotions. And I'm confident they will drive top-tier growth going forward."Following his retirement, Khosla will continue to work with the company through the end of 2013 in a consulting capacity to sponsor and further advance Mondelez International's leadership development programs. Since joining the company in 2007, Khosla and his Developing Markets team have doubled the business through organic growth and more than tripled it after acquisitions, while also significantly improving profitability. With more than $16 billion in revenue, Developing Markets represent about 44 percent of Mondelez International's 2011 net revenue. Five Operating Units Given the size and importance of Developing Markets to the future growth of Mondelez International, the company announced that it would streamline its operating unit structure. Effective Jan. 1, 2013, Mondelez International will have five operating units: Europe; North America; Latin America; Asia Pacific; and Eastern Europe, Middle East & Africa (EEMEA). "I'm confident that this new streamlined region structure will fuel our growth by enhancing collaboration, expediting decision making and driving efficiencies," Rosenfeld said.