Banati fills the vacancy created by Luca Zaramella, who has been balancing the CFO responsibilities alongside his current duties as chief operating officer since his promotion earlier this year. Zaramella will now transition away from financial oversight to focus exclusively on the company’s global commercial operations.

This move brings a familiar face back to the firm, as Banati previously held leadership roles at Kraft Foods, a predecessor to Mondelez, as well as Cadbury Schweppes. His resume includes a recent tenure as CFO of Kenvue—a position he held until May—and a prior stint as CFO of Kellanova. His career also spans extensive experience at Procter & Gamble, rounding out a background that Mondelez executives clearly prioritized for their ongoing financial strategy.