Mondelez Looks To Replace CEO: Report

DEERFIELD, IL — The board of Mondelez is considering replacing its longtime CEO Irene Rosenfeld. Rosenfeld has been at the helm of the Deerfield-based maker of Oreos, Chips Ahoy and Trident for more than a decade, and it is up to her to determine the transition's timing, sources tell the Wall Street Journal.

Mondelez has hired executive search company Heidrick & Struggles International as it prepares to look for Rosenfeld's replacement, and its board has begun to discuss potential replacements. Among current executives at the company, possible hires include Chief Growth Officer Tim Cofer and Chief Financial Officer Brian Gladden, the Journal reported.

With $26 billion in annual sales, Mondelez has a market value of nearly $70 billion.

But after being split off from Kraft Foods in 2012, it has seen falling revenue for three consecutive years, dropping 13 percent in each of the past two years.

The company relies on foreign markets for most of its sales, and there has been speculation recently it could be acquired by a competitor, according to Reuters.

In December, Mondelez had a $22 billion bid for the chocolate maker Hershey rejected.

Top photo: Irene Rosenfeld (Mark Lennihan/Associated Press)

» via the Wall Street Journal