Former Cadbury boss Todd Stitzer has said he is “inestimably sad and frustrated” a year on from the confectioner’s sale to Kraft Foods.
Writing in The Times today, Stitzer lamented the “paradox” that made the company’s strong financial performance of recent years an attractive target for hostile bidders.
“At Cadbury it was my great privilege to create a team with a spirit of high achievement and our team’s great pleasure was to deliver superior performance,” he wrote.
“In the end we created significant shareholder value. The paradox is we lost the company.
“As a capitalist I should feel elated, but a year on I feel only the hollow sense of a great company lost.”
Stitzer made his comments amid mounting calls from trade unions for a ‘Cadbury law’ that would protect iconic British companies from hostile foreign takeovers.
Senior figures from Kraft, including European president Trevor Bond and UK chief Nick Bunker, will today appear before a parliamentary select committee to explain why the company is relocating Cadbury’s operational base to Switzerland.
Meanwhile, Kraft chief financial officer Timothy McLevish has stepped down, to be replaced by operations executive VP David Brearton.
MPs call on Kraft to give fresh jobs commitment (14 March 2011)
Kraft switch to cost exchequer £60m a year (6 December 2010)
Cadbury sale ‘nets former boss Stitzer £40m’ (19 April 2010)