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Ackman’s Investment Is Latest Jolt for Mondelez

Mondelez, which sells Chips Ahoy cookies, had stumbled with pricing missteps and inventory buildups.

Mondelez, which sells Oreo cookies, Triscuit crackers and Trident gum, has been performing well of late after turbulence early on following the 2012 spinoff of its former North American grocery business into Kraft Foods Group Inc. Mondelez’s shares have gained 27% this year, far outpacing major indexes and most rivals.

Mondelez already has one major activist investor on its her board: Nelson Peltz, who joined in January 2014 as part of a truce with Ms. Rosenfeld after a six-month standoff over the company’s strategy. That followed pressure from Mr. Peltz’s Trian Fund Management LP to make the 2012 split.

Investors had expected Mondelez to be the star of the two companies that resulted—a growth engine driven by sales of snacks in developing...