Cadbury’s CEO, CFO and Chairman to step aside

Posted by Daniel Palmer on 4th February 2010

The Chairman, CEO and CFO of UK-based confectioner Cadbury have all announced their intention to resign in the wake of Kraft’s successful takeover offer.

The Board of Cadbury had been vehemently opposed to a Kraft deal up until a few weeks ago when a revised offer won their support and all three key managers wished the company well in the future.

“It has been my great pleasure and privilege to chair Cadbury for the past two years, and I would like to thank Todd Stitzer, my fellow Board members and indeed all of my Cadbury colleagues for their valuable support and commitment in taking this great company forward in that period,” Chairman Roger Carr said.

“Together we have fought an excellent defence campaign and delivered substantial value to Cadbury shareholders. 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.”

CEO Todd Stitzer, who has been with the firm for 27 years, said his heart would always be a “deep Cadbury purple” but believed it was the right time for him to move on to a new challenge.

“It has been my honour and privilege to lead this wonderful company for the past seven years. By any set of business standards we have achieved great things. Equally importantly, we have given 21st century meaning to George Cadbury’s 19th century principle that ‘doing good is good for business’,” he proclaimed.

“I would like to offer my heartfelt thanks to every one of my 45,000 colleagues for the support they have given me, and for the passion and energy they have shown in making Cadbury the finest confectioner in the world. I wish all the best of everything to each of you.

“I wish Irene Rosenfeld and her team every success in taking Cadbury and its brands forward. They have pledged they will do their utmost to preserve Cadbury’s unique performance driven, values led heritage, and I urge all my colleagues to do their utmost to help them in this special task.

“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. 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.”

Chief Financial Officer Andrew Bonfield added that his time at the confectioner had been “too brief” but very enjoyable and reiterated the financial strength of the business.
The effective date of the resignations is still to be determined.