Bosses to step down after Kraft takeover: Cadbury

Chairman Roger Carr and Chief Executive Todd Stitzer will both leave the group, but the exact departure dates have yet to be decided, Cadbury said in statements to the London Stock Exchange.

"Roger Carr announced on Wednesday [3 February 2010] his intention to stand down as chairman of Cadbury following Kraft Foods' decision to declare its offer for Cadbury unconditional," Cadbury said in a statement.

The confectioner added in a separate release that the group's American boss, Stitzer, and Chief Financial Officer Andrew Bonfield will also step down.

Kraft had sealed the friendly takeover of Cadbury on Tuesday, when it revealed that shareholders representing almost three quarters of Cadbury supported the deal.

The US group also declared its bid "unconditional", meaning all of its takeover conditions had been met.

Cadbury management had decided to back the Kraft takeover in January, ending months of hostile opposition.

"It has been my great pleasure and privilege to chair Cadbury for the past two years," Carr said on Wednesday.

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

Kraft boss Irene Rosenfeld was widely credited with masterminding the Cadbury takeover, which has sparked fears about job cuts at the maker of Dairy Milk chocolate and Trident chewing gum.

"I wish Irene Rosenfeld and her team every success in taking Cadbury and its brands forward," Stitzer added on Wednesday.

"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."

Source: AFP