Brian Gladden is stepping down as CFO of Mondelez International, the world’s second-largest confectionery company, and will be replaced by Luca Zaramella, a 20-year company veteran.

Mondelez said Gladden, a former Dell executive, will leave the company in August to “pursue an opportunity outside of the fast-moving consumer goods sector.” He joined Mondelez in December 2014 from Dell.

Zaremella, 49, is currently senior vice president of corporate finance and, according to Mondelez, has “an intimate knowledge of the company’s business across products, markets, operations, competitors and customers.”

He began his career with Mondelez in Italy before holding positions of increasing seniority in Latin America, Europe and North America.

Luca Zaramella

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“Luca is a strong financial and strategic leader who possesses deep knowledge of our commercial business at a local level around the world, and deep financial expertise,” CEO Dirk Van de Put said in a news release. “He has been developed to take on this role for many years and has been closely involved in the development of our new strategic framework.”

“I feel fortunate to have such an experienced executive move seamlessly into the CFO role,” he added.

Mondelez’s brands include Cadbury, Oreo, Ritz, and Chips Ahoy. In 2016, it failed in a bid to acquire Hershey for $23 billion and has itself been the subject of takeover speculation.

The company has been seeking to expand in the U.S., where it is only the eighth largest confectioner.

Gladden said leaving Mondelez was “a tough decision, but I look forward to a new career experience and depart knowing that Luca is an ideal choice to be the company’s next CFO.”

Over the past four years, Zaramella has assumed a range of responsibilities to prepare him for the CFO role, including corporate controller, treasurer, and global head of financial planning & analysis. He previously served as senior vice president, finance of Mondelez Europe.

Zaramella will receive an annual base salary of $700,000, a target annual incentive of 100% of his base salary, and an annual equity grant with a target value of $2.5 million, according to a Mondelez filing.

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