Todd Stitzer announced on Wednesday his intention to stand down as Chief Executive Officer of Cadbury following a 27-year career at the company. Andrew Bonfield also announced his intention to step down as Chief Financial Officer
Commenting on his decision, Todd said:
“It has been my honour and privilege to lead this wonderful company for the past seven years. 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. I wish all the best of everything to each of you.
“I wish Irene Rosenfeld and her team every success in taking Cadbury and its brands forward. 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 past few months have been an intense and difficult time and I would also like to thank all those who helped show the true value of Cadbury through a spirited bid defence. I will now be taking some time out with my family to consider my future options, but you can be sure my heart will always be a deep Cadbury purple.”
The effective date of Todd’s resignation from the Board is still to be determined.
Andrew Bonfield said:
“My time at Cadbury has been too brief, but I’ve enjoyed every minute and I’d like to thank all of my colleagues who make this such a special place to work. Cadbury is in great shape operationally and financially and will be a huge asset to Kraft Foods. I wish all of my colleagues the very best.”
Andrew joined Cadbury in February 2009. The effective date of his resignation from the Board is still to be determined.
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