The CEO, CFO and chairman of UK confectioner Cadbury have all announced their resignations in the wake of Kraft Foods’ takeover of the business.
Todd Stitzer (pictured), Andrew Bonfield and chairman Roger Carr said yesterday (3 February) that they would leave the Dairy Milk maker, which formally joined the Kraft stable on Tuesday.
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Stitzer, who joined Cadbury in 1983 and was appointed chief executive in 2003, wished Kraft chairman and CEO Irene Rosenfeld “every success in taking Cadbury and its brands forward”.
He added: “I will now be taking some time out with my family to consider my future options, but you can be sure my heart will always be a deep Cadbury purple.”
The three men were part of a Cadbury board that rebuffed Kraft’s initial approach in September and for five months insisted the Halls candy and Trident gum group had a bright future as an independent company.
However, Kraft won over the Cadbury board with a higher offer for the business, which valued the company at GBP11.5bn (US$18.23bn).
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By GlobalDataCarr said: “Together we have fought an excellent defence campaign and delivered substantial value to Cadbury shareholders.”
Bonfield added: “Cadbury is in great shape operationally and financially and will be a huge asset to Kraft Foods.”
The exact date for when the three men will formally step down from the Cadbury board has yet to be determined.
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