Kraft Foods shareholders approve Mondelez International, Inc. as new name for global snacks company
Posted: 23 May 2012 | Kraft Foods Inc. | No comments yet
Change becomes effective upon spin-off of North American grocery business…
The shareholders of Kraft Foods Inc. (NYSE: KFT) voted today to change the name of the company to Mondelez International, Inc. The proposal was approved by more than 90 percent of the shareholders who cast a vote(1). The new name will become effective at the time of the planned spin-off of the company’s North American grocery business.
As previously announced, Kraft Foods Inc. is dividing to create two industry-leading public companies: a high-growth global snacks business (Mondelez International, Inc.) and a high-margin North American grocery business (Kraft Foods Group, Inc.).
“Mondelez has an appealing international sound that perfectly evokes the idea of a ‘delicious world.’ That’s the essence of our global snacks company,” said Irene Rosenfeld, Chairman and CEO. Rosenfeld reinforced that Mondelez International will become the new name of the corporation, not a consumer brand. Mondelez will serve as an umbrella for the company’s many iconic product brands, including Cadbury, Jacobs, LU, Milka, Nabisco, Oreo, Tang and Trident.
The company has also reserved the symbol MDLZ for the company’s common stock, which will trade under this new symbol after the spin-off. The stock symbol for the North American grocery company (Kraft Foods Group, Inc.) will be KRFT. Until the new companies launch, however, the name and stock trading symbol for Kraft Foods Inc. will not change.
The name change will not in any way affect the validity or transferability of any currently outstanding stock certificates, and the company will not ask shareholders to surrender for exchange any Kraft Foods Inc. certificates that they currently hold.
Other Voting Results from the Annual Meeting
Shareholders also approved all 11 nominees to the Board of Directors; approved the compensation paid to named executive officers; and ratified the selection of PricewaterhouseCoopers LLP as independent auditors for 2012. Shareholders rejected three proposals submitted by shareholders regarding new reporting requirements related to deforestation, extended producer responsibility and lobbying. Final voting results will be posted on http://www.kraftfoodscompany.com/ and filed in a Current Report on SEC Form 8-K on or before May 30, 2012.
- This represents more than 75 percent of shares outstanding.