Deepak Iyer appointed new Mondelez India MD
Deepak Iyer replaces Chandramouli Venkatesan as MD
Mondelez India has appointed Deepak Iyer as its new managing director. Iyer replaced Chandramouli Venkatesan, who stepped down from his position after two years at the helm. It could not be immediately ascertained where Venkatesan, who has spent over a decade with the food major — formerly known as Cadbury India — was going.
Mondelez India has said it had appointed Deepak Iyer as its new managing director (MD). Iyer replaces Chandramouli Venkatesan, who has stepped down from his position after two years at the helm. It could not be immediately ascertained where Venkatesan, who had spent over a decade with the food major, formerly known as Cadbury India, was going.
Iyer was till recently the MD and chief executive officer of Bharti Axa General Insurance Company. A consumer goods veteran of 25 years, he has previously worked at Wrigley’s, PepsiCo and Marico, among others. He has also done time in other sectors such as textiles and telecom.
Iyer is expected to bring his vast experience to Mondelez India, which is looking to improve revenue growth. The company has grappled with a discretionary slowdown for about two years now, pushing revenue growth down to single-digits from double-digit earlier.
The company, with annual sales in excess of ~5,000 crore, is the country's leading chocolate maker with a 65 per cent share of the ~8,000-crore market. In recent years, firms such as Ferrero and Mars (Snickers) have emerged as key rivals even as traditional competitor Nestle took a backseat. Under new chairman and MD Suresh Narayanan, Nestle India is transforming itself, launching products across the board.
Venkatesan, who took over as Mondelez India’s MD in early 2015, oversaw key launches such as Silk Bubbly under the Cadbury Dairy Milk umbrella in July last year, biscuits foray of health drink brand Bournvita this April, and a goldencoloured Oreo biscuit in June.
While Silk Bubbly touched ~100 crore in sales within six months of its launch, it is unclear what has been the response of Bournvita biscuits or the new Oreo biscuit in the marketplace.
In an earlier interaction with Business Standard, Venkatesan had said the company would continue to invest in the Indian market despite the slowdown pangs.
It has stuck to its commitment, inaugurating its largest manufacturing plant in the Asia-Pacific region at Sri City in Andhra Pradesh this April, entailing an investment of ~1,265 crore.
This was the company’s seventh plant in India and was set up to cater to both domestic and regional needs in chocolates and other food categories.