Mondelez International’s top executive took home a lot less in 2013, as the maker of Oreo cookies missed internal targets for sales and profit growth and she did not receive another special equity grant as she did the year before.
In October 2012, the company formerly known as Kraft Foods Inc. split into two companies: Mondelez International Inc. and Kraft Foods Group Inc. Irene Rosenfeld, who had been the chairman and chief executive officer of Kraft Foods before the split, became the CEO of Mondelez.
"Despite making significant strides in our first year as a standalone company, we know we did not fully meet your or our expectations," Rosenfeld said in a letter to shareholders included in a regulatory filing on Tuesday. "We’re committed to improving results in 2014 and beyond."
Mondelez’s organic net revenue rose 3.9 percent in 2013, while the company had targeted 5.4 percent growth. Adjusted earnings per share also missed the company’s expectations. Those two measures combined account for 80 percent of the weighting Mondelez uses to assess its performance.
The Deerfield-based company expects growth rates for snacks to improve as the global macro-economy recovers, Rosenfeld said.
Rosenfeld’s total compensation was $13.99 million in 2013, down from $28.81 million in 2012, Mondelez said in its proxy filing with U.S. regulators.
The CEO was granted $8.3 million of stock in 2013, down from nearly $15.5 million in 2012. Rosenfeld was given a special equity grant valued at about $10 million in December 2012, including restricted stock and performance-contingent restricted stock units.
Rosenfeld’s salary rose to nearly $1.59 million in 2013, as her base salary increased by 3.2 percent to $1.6 million. She did not receive a salary increase in 2012 and will not get one in 2014, Mondelez said.
Other executives also made less in 2013. Chief Financial Officer David Brearton’s total compensation was about $3.7 million, down from $5.9 million in 2012.
The company said it plans to hold its annual shareholder meeting on May 21 at the North Shore Center for the Performing Arts in Skokie.
Mondelez recommended that shareholders vote against a shareholder proposal seeking a report assessing the environmental impact of continuing to use non-recyclable brand packaging. The company said such a process would duplicate many initiatives it already has underway.
Shares of Mondelez were up 4 cents at $34.59 in afternoon firstname.lastname@example.org
Follow @JessicaWohl Follow @chibreakingbiz