Mondelez Chief Executive Irene Rosenfeld is having a tough time taming shareholder unrest.
Rosenfeld — who famously faced down Warren Buffett to complete the takeover of British chocolate maker Cadbury — is dealing with growing discontent as she tries to beat back boardroom agitator Nelson Peltz.
While the activist has taken his criticism of the company public, other investors are growing uneasy behind the scenes.
Three top shareholders, outside of Peltz, said they are losing patience with Rosenfeld after the maker of Oreo cookies and Ritz crackers fell far short of the growth targets she set.
“When a CEO consistently misses her numbers, no one likes that,” a top four shareholder told The Post.
Earlier this month, the Deerfield, Ill., company cut its full-year revenue outlook, capping a string of disappointing earnings reports since Rosenfeld split Mondelez from Kraft’s slower-growing grocery business a year ago.
The shareholder discontent comes as Peltz ratchets up the pressure on Mondelez and PepsiCo to combine their snack businesses to create a $70 billion behemoth. Peltz called out Mondelez at a recent investor conference for sluggish revenue growth and profit margins that trail those of its peers.
Mondelez has defended Rosenfeld against Peltz’s attacks over the past year. The board “has great confidence in Irene,” and believes she should run the business for the next several years, said a source close to the board.
Nevertheless, the board is trying to combat salty with sweet. Last month, several directors reached out to shareholders to coincide with the company’s one-year anniversary, holding one-on-one meetings with around 40 investors.
“The board heard some disappointment in its results versus expectations,” said one source close to the company.
The source said the board understands that despite its efforts to appease shareholders, a Peltz-led proxy fight is a real possibility.
“We’re always interested in the views of our shareholders and maintaining an ongoing, meaningful dialogue,” said a spokesman for Mondelez.
If Peltz decides to launch a battle for board seats, he would likely need to finalize a slate of directors by the end of January.
He also has a position in rival PepsiCo. The Post reported last month that Peltz had reached out to some of PepsiCo’s largest shareholders to gauge how much support he would have if he ran for its board.
He likely cannot run for board seats at both companies since they compete, and PepsiCo is considered the stronger performer, said one Mondelez shareholder. Peltz didn’t return calls for comment.
After splitting Mondelez from Kraft, Rosenfeld set a first-year target of 5 to 7 percent operating profit growth. But in the first nine months Mondelez came in closer to 4.3 percent.
The top four shareholder said discontent was running high enough that investors could push the board to consider a succession plan for Rosenfeld.
“It’s certainly likely that shareholders will soon go to board members and ask about CEO succession,” the investor said.