Cadbury top bosses step down

The three men at the top of Cadbury
have all announced their resignations following Kraft Foods’ takeover of the
chocolate maker.

Chairman Roger Carr, chief
executive Todd Stitzer and chief financial officer Andrew Bonfield are all to
step down, Cadbury said.

US firm Kraft sealed its takeover
on Tuesday after Cadbury shareholders voted in favour of the deal.

For months, Cadbury had rejected a
hostile bid from Kraft.

In January, the board approved an
increased bid of $18.9 billion and advised shareholders to accept it, saying it
offered “good value”.

Mr Stitzer, who has been with the
company for 27 years, said: “I wish [Kraft chief executive] Irene
Rosenfeld and her team every success in taking Cadbury and its brands forward.

“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.”

Mr Stitzer, who became chief
executive in 2003, is expected to leave with a package that could be worth up
to $27.8 million.

Mr 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.”

The dates when all three will
officially leave the company have yet to be decided.