The chairman, chief executive and finance officer of Cadbury said today they would stand down after rival Kraft Foods finally won control of the British confectioner.
Chairman Roger Carr, chief executive Todd Stitzer and chief financial officer Andrew Bonfield all wished Kraft well and thanked colleagues for their spirited bid defence. Cadbury shareholders accepted the Kraft offer yesterday after a five month bid battle.
'I wish (Kraft CEO) Irene Rosenfeld and her team every success in taking Cadbury and its brands forward,' Stitzer said in a statement.
'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.'
The three said a date had not yet been decided for their departures.
Kraft Foods said it had sealed its £11.7 billion takeover of Cadbury after 71.73% of the British group's shareholders accepted a deal to create the world's biggest confectioner.
Kraft needed just 50% plus one share to take control of Cadbury and CEO Irene Rosenfeld expects to complete the deal in the coming weeks as the remaining Cadbury shareholders come forward to accept the agreed cash and shares bid.
With the deal recommended by the Cadbury board, the takeover of the British chocolate maker was expected, and once it gains 75% then Kraft can de-list Cadbury shares, while at more than 90% it can compulsorily purchase any minorities.
Kraft said its final offer would remain open until further notice as Rosenfeld encouraged Cadbury shareholders to accept.
Kraft has promised $675m in annual cost savings from the deal, which will mean cuts to Cadbury's global workforce of more than 45,000 during the integration process, according to analysts. Cadbury's has an Irish workforce of over 1,200, based in three plants in Coolock and Tallaght in Dublin and in Co Kerry.
