Top Cadbury Officials Stepping Down
February 4, 2010
The Associated Press reports three top officials at Cadbury PLC have announced their intention to step down, after the shareholders approved Kraft Foods Inc.''s roughly $19.5 billion offer to acquire the company. In a statement Cadbury said that Todd Stitzer would leave his post as chief executive officer, following a 27-year career at the company, and Chief Financial Officer Andrew Bonfield, who joined the company last year, and Chairman Roger Carr also said they were resigning. The effective date of the three men''s resignation has not been determined, Cadbury said. The executives had opposed the takeover and criticized Kraft''s offer for weeks, saying the bid by the world''s second-largest food maker undervalued the company. They finally agreed to the takeover when Kraft raised its offer by 9 percent to $19.5 billion. Kraft reported that nearly 72 percent of Cadbury shareholders voted in support of the deal -- the final step in creating a merged global food giant. Together, the companies have roughly $50 billion in annual revenue through sales in 160 countries with their product lineup. The deal gives Kraft access to critical growing international markets like India and Latin America.