Cadbury CFO melts away as Kraft completes takeover bid

Cadbury is in good financial condition, according to its CFO as he announced his resignation alongside the firm's CEO and Chairman after rival Kraft Foods finally won control of the UK confectionery firm.

Chairman Roger Carr, Chief Executive Todd Stitzer and Chief Financial Officer Andrew Bonfield made their announcement after Cadbury shareholders accepted the Kraft offer this week after a five month bid battle. Bonfield, who joined the firm a year ago, commented: "Cadbury is in great shape operationally and financially and will be a huge asset to Kraft Foods.”

Stitzer, who owns a stake in Cadbury of about £5.5 million, is set to receive a year's salary of £985,000, a bonus of nearly £2 million and has the right to cash in shares worth £8.6 million. He will walk away with the biggest pay-off of £17 million, given that he has been with Cadbury for 27 years. "I wish (Kraft CEO) Irene Rosenfeld and her team every success in taking Cadbury and its brands forward," said Stitzer. "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.

"It has been my honour and privilege to lead this wonderful company for the past seven years,” he said. "By any set of business standards we have achieved great things. Equally importantly, we have given 21st century meaning to George Cadbury's 19th century principle that 'doing good is good for business'.

"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.”