Cadbury’s Stitzer, Carr to Leave After Kraft Buys Candy Maker
Cadbury’s Stitzer, Carr to Leave After Kraft Buys Candy Maker
Cadbury’s Stitzer, Carr to Leave After Kraft Buys Candy Maker
Cadbury Plc, the U.K. confectioner being bought by Kraft Foods Inc., said Chief Executive Officer Todd Stitzer and Chairman Roger Carr will leave the company after the U.S. food maker declared its offer unconditional.
Chief Financial Officer Andrew Bonfield will also stand down, Cadbury said today. Stitzer said in a statement that he will “be taking some time out with my family to consider my future options” after 27 years at the candy maker.
Carr and Stitzer led a five-month campaign against Kraft’s takeover plan, forcing the U.S. company to raise its offer to 11.7 billion pounds ($18.6 billion) to gain control. Kraft yesterday said 72 percent of Cadbury shares were tendered by holders, more than the 50 percent plus one share it required.
“The past few months have been an intense and difficult time and I would also like to thank all those who helped show the true value of Cadbury through a spirited bid defence,” Stitzer, 57, said in the statement. “By any set of business standards we have achieved great things.”
Carr said Cadbury’s defense, which highlighted the company’s potential in fast-growing emerging markets and more ambitious sales and profitability targets, had “delivered substantial value to shareholders” through the higher offer.
“In handing over to Irene Rosenfeld I wish her the very best as she takes on responsibility for continuing to build and develop what is indisputably one of the world’s greatest brands,” Carr, 63, said in a separate statement.
Rosenfeld, Kraft’s chief executive officer, is in London this week to hold meetings with Cadbury management and last night met U.K. Business Secretary Peter Mandelson.
The effective date of the three resignations is still to be determined, Cadbury said. Stitzer “will remain at Cadbury for some time to help with the integration with Kraft,” Cadbury spokesman Trevor Datson said by telephone.
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