Three senior Cadbury heads are to leave the company within weeks as Kraft begins to restructure following its takeover.
Less than 24 hours after Kraft gained control of the 189-year-old British company, Todd Stitzer, chief executive of Cadbury, chairman Roger Carr and Andrew Bonfield, the chief financial officer, are to step down. They are expected to go within weeks, rather than months, according to the Times, after the majority of Cadbury’s shareholders accepted the £11.4bn takeover bid on Tuesday.
Irene Rosenfeld, Kraft’s chairman and chief executive, is set to spend US$1.3bn (£817m) on restructuring costs, leading to fears that more job cuts will be on the cards. Unions have predicted thousands of Cadbury jobs are likely to go.
At Cadbury’s head office yesterday, Rosenfeld pledged to announce a new senior management team within 45 days, and to decide on the next run of management within three months.
Carr will leave the company at least £450,000 better off after his robust defence of Cadbury helped to force Kraft to add about £1 per share to its initial approach. Bonfield could receive a payoff of more than £4m, the newspaper added.