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Mondelez announces impending departure of top executive

Roberto Marques, the company's president of North America, is stepping down

Roberto Marques, the president of Mondelez International's North American business, is leaving the company.

The confectionery and snack giant made the announcement Tuesday, but did not give a reason for Marques' departure. Tim Cofer, chief growth officer, will serve as interim president while the company searches for a permanent successor. Marques will work with Cofer over the next few weeks "to ensure smooth transition" the company said in a press release announcing the executive shuffle.

Marques joined the company a little over two years ago. A 2014 press release announcing his hire said he would be "responsible for leading the company's $7 billion business in the United States and Canada."

"Over the past two years under Roberto Marques' leadership, the North American team has been executing a large transformation, which has resulted in significant progress on our margin agenda, while stepping up our participation in growth areas such as well-being, broader channel penetration, especially in ecommerce, as well as entering the U.S. chocolate market," said Irene Rosenfeld, chairman and CEO, in a release.

Like some of its competitors, Mondelez slashed costs and worked to transform its business as customers' appetite for packaged foods faded. The company has also faced pressure from activist investors like Bill Ackman and Nelson Peltz.

Last year the company tried to buy chocolate maker Hershey for $22 billion. It releases its first quarter financial results May 2.


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