When Kraft Foods splits into two businesses later this year, the snacks company will be named Mondelez International, Inc., while the North American grocery business will become Kraft Foods Group, Inc.
That is, assuming that shareholders approve the name at the annual meeting on May 23. The board of directors has already given it the thumbs-up.
Mondelez (pronounced mohn-dah-LEEZ) was coined to evoke the concept of "delicious world." Monde derives from the Latin world for "world," while delez is a "fanciful expression of 'delicious,'" according to the company. Clearly, the coinage is meant to be country-/region-neutral.
"For the new global snacks company, we wanted to find a new name that could serve as an umbrella for our iconic brands, reinforce the truly global nature of this business and build on our higher purpose – to 'make today delicious,'" said chairman/CEO Irene Rosenfeld.
"It's quite a job for a single word to capture everything about what we want the new global snacks company to stand for," added EVP/CMO Mary Beth West. The name, she said, is "interesting, unique and captures a big idea – just the way the snacks we make can take small moments in our lives and turn them into something bigger, brighter and more joyful."
Last fall, the company invited employees from around the world to suggest names for the snacks company. 1,000+ employees submitted more than 1,700 names for consideration. Mondelez International was inspired by separate suggestions from two employees, one in Europe and another in North America.
The company has reserved the stock symbol "MDLZ," and assuming the name is approved, will request that the new snack company's common stock trade under that symbol. The stock symbol for the North American grocery company will be announced at a later date.