CHICAGO – Gustavo Valle will begin leading Mondelez International’s North America business unit on March 1. He will replace Glen Walter, who has been in the role since October 2017 and is leaving the company to become chief executive officer of the Tropicana Brands Group, Chicago.

Mr. Valle was most recently executive vice president of Latin America for Mondelez. In his new role he will be responsible for the company’s $8.3 billion business in the United States and Canada.

“With more than three decades of experience in consumer-packaged goods and a strong track record of success growing brands and categories in the US and beyond, Gustavo is an ideal leader to set our North America business on the path for future success,” said Dirk Van de Put, chairman and CEO. “I’ve worked very closely with Gustavo for many years and have seen his passion for consumers and operational excellence first-hand.”

Mr. Walter takes the helm of the recently formed Tropicana Brands Group, which is a joint venture between PAI Partners and PepsiCo, Inc., Purchase, NY. The JV was formed when PAI completed the acquisition of a majority stake in PepsiCo’s juice business in January for $3.3 billion. PepsiCo retains a 39% stake in the business.

The business includes such beverage brands as Tropicana, Naked, Kevita, Izze and others.

“We are excited to welcome Glen as CEO of Tropicana Brands Group,” said Frédéric Stévenin, a managing partner at PAI. “He is joining an already exceptional leadership team following a rigorous selection process. Tropicana Brands Group is a great addition to our portfolio, as we believe there is strong potential for innovation in the growing, fresh, natural category, and look forward to overseeing this growth alongside PepsiCo.”

PAI Partners is a private equity company that has approximately €15 billion ($17.8 billion) under its control. In 2016, PAI, through its R&R ice cream company, set up a joint venture with Nestle SA, Vevey, Switzerland, called Froneri. The business combined Nestle and R&R’s ice cream businesses and included Nestle’s European frozen food business (excluding pizza and retail frozen food in Italy), as well as a chilled dairy business in the Philippines and had approximately $2.8 billion in sales.

In 2019, Nestle sold its US ice cream business to Froneri for $4 billion. The transaction made Froneri the second largest ice cream manufacturer in the world, according to the company.