Dive Brief:
- Head of Mondelez International Inc's cocoa business, Scott Amoye, has left his position and was replaced by Switzerland-based Udo Kagerbauer, now the director for global cocoa commodity price risk management at the company, Amoye told Reuters.
- Amoye became vice president of global commodities for British chocolate maker Cadbury in 2009.
- He was later appointed to senior director of global commodities for coffee and cocoa when Kraft bought Cadbury in 2010 and then senior director for global commodities sourcing and risk, overseeing global cocoa and cocoa products teams, when Kraft spun off its snacks and chocolate business to create Mondelez in 2012.
Dive Insight:
According to Reuters, "His departure comes at a critical time for the cocoa industry as chocolate makers such as Hershey Co hiked retail prices due to the soaring cost of cocoa beans and dairy, hurting sales." Also something that could shake things up for Mondelez's cocoa business: a potential merger between Cargill and ADM's chocolate businesses, which is currently under review by the European Commission.
