CHICAGO - Mondelez (NASDAQ:MDLZ) International, Inc. (NASDAQ:MDLZ) has announced the appointment of Filippo Catalano as its new Chief Information and Digital Officer (CIDO). In his forthcoming role, Catalano will report to Dirk Van de Put, the Chair and Chief Executive Officer, and will focus on accelerating the company's global technology transformation.
Catalano is set to join Mondelez later this year with a wealth of experience from his previous tenure as CIDO at Reckitt. There, he was instrumental in leading significant growth and expansion efforts through a re-platformed technology stack and the implementation of advanced analytics and artificial intelligence solutions.
His career also includes a stint as Senior Vice President and Global Chief Information Officer at Nestlé, where he spearheaded major transformations in technology, e-business, and analytics.
Prior to his executive roles at Reckitt and Nestlé, Catalano spent over 15 years at Procter & Gamble, where he led digital transformations across various brands and corporate initiatives. He currently holds a position as a Non-Executive Director at Farmer Connect, which focuses on traceability and deforestation reporting in agriculture.
In a statement, CEO Dirk Van de Put expressed confidence in Catalano's ability to drive Mondelez's digital evolution, citing his proven track record in digital transformation within the consumer packaged goods industry.
Catalano himself shared his enthusiasm for joining Mondelez International, emphasizing his commitment to leveraging technology to grow the company's competitive advantage and enhance connections with customers and consumers.
Mondelez International, with net revenues of approximately $36 billion in 2023, is known for its portfolio of snack brands including Oreo, Ritz, and Cadbury. The company is listed on the Standard & Poor’s 500, Nasdaq 100, and Dow Jones Sustainability Index.
This news is based on a press release statement.
In other recent news, Mondelez International has seen several adjustments to its share target by major financial firms. Citi maintained its Buy rating on the company but reduced the share target from $83.00 to $80.00, citing potential inflationary pressures that might not be fully offset by the company's pricing strategy.
Similarly, Deutsche Bank revised their price target for Mondelez down to $75 from $78, maintaining a Buy rating, while Jefferies and DA Davidson lowered their price targets to $78 and $82 respectively, also retaining a Buy rating.
These modifications come as Mondelez International readies for its second-quarter earnings report, with analysts predicting that the company's organic sales growth might fall slightly below consensus expectations. Despite this, earnings per share (EPS) are anticipated to align with predictions, with the company expected to reiterate its guidance for both organic sales growth and EPS for the year 2024.
In terms of financial strategy, Mondelez issued CAD 650 million in senior notes due in 2031, a move seen to strengthen the company's financial position. The company also announced a Canadian dollar-denominated offering of senior notes due in 2031, which is expected to close soon.
On the innovation front, Mondelez unveiled a new hub in Singapore, backed by an investment of over $5 million. This facility is expected to boost the company's product development capabilities in the Asia Pacific region, particularly in the biscuits and baked snacks category. These are recent developments shaping Mondelez's future.
InvestingPro Insights
Mondelēz International, Inc. (NASDAQ:MDLZ) continues to make strategic moves, as evidenced by the appointment of Filippo Catalano as the new Chief Information and Digital Officer (CIDO). The latest financial metrics from InvestingPro show a solid financial footing for the company, which may support Catalano's initiatives to drive the digital evolution at Mondelez. With a market capitalization of $88.54 billion and a robust revenue stream, the snack giant reported a total revenue of $36.14 billion for the last twelve months as of Q1 2024. This reflects a healthy revenue growth of 9.85% during the same period, showcasing the company's ability to expand its business in a competitive market.
The company's P/E ratio stands at 20.91, which adjusts to a more attractive 16.66 when considering the last twelve months as of Q1 2024, indicating a potentially undervalued stock in comparison to its earnings. Additionally, Mondelez's gross profit margin of 41.69% demonstrates its effectiveness in managing production and operational costs relative to its revenue.
InvestingPro Tips highlight that Mondelez's commitment to technology and digital initiatives could further enhance its operational efficiency and market responsiveness. The company's forward-looking strategies are supported by a PEG Ratio of 2.18 for the last twelve months as of Q1 2024, which could be indicative of future earnings growth relative to its current price. For investors seeking more in-depth analysis, InvestingPro offers additional tips, and users can utilize the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription. There are 15 more InvestingPro Tips available that could give investors a comprehensive understanding of Mondelēz's potential in the evolving digital landscape.
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