Todd Stitzer is stepping down as chief executive of Cadbury in the wake of yesterday’s vote by shareholders to accept Kraft Foods’ takeover bid.
Joining him on the way out will be chairman Roger Carr and chief financial officer Andrew Bonfield. Their departure dates have yet to be set.
While Stitzer (pictured) and Carr were certain to leave following the deal – for which the outgoing CEO will trouser several million pounds – there was speculation Bonfield might stay to ease the company’s transition to US ownership.
Announcing his resignation, Stitzer claimed he had “given 21st century meaning to George Cadbury's 19th century principle that `doing good is good for business'”.
He added: “It has been my honour and privilege to lead this wonderful company for the past seven years.
“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.”
Bonfield, who joined the Dairy Milk maker in February 2009, said: "My time at Cadbury has been too brief, but I've enjoyed every minute. Cadbury is in great shape operationally and financially and will be a huge asset to Kraft Foods.”
End of an era as Cadbury shareholders rubber-stamp sale (3 February 2010)
The big steal: how Cadbury fell into Rosenfeld’s clutches (23 January 2010)
Stitzer says Cadbury-Kraft tie-up makes ‘strategic sense’ (23 September 2009)
Read Don Pumsey's unique take on the Cadbury sale here...