"It has been my great pleasure and privilege to chair Cadbury for the past two years, and I would like to thank Todd Stitzer, my fellow board members and indeed all of my Cadbury colleagues for their valuable support and commitment in taking this great company forward in that period," said Carr. "Together, we have fought an [image-nocss] excellent defense campaign and delivered substantial value to Cadbury shareholders. In handing over to [Kraft CEO] Irene Rosenfeld, I wish her the very best as she takes on responsibility for continuing to build and develop what is indisputably one of the world's greatest brands."
Stitzer is ending a 27-year career at the company. "It has been my honor 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'."
He added, "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 defense. 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."
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." He joined Cadbury in February 2009.
The effective dates of their resignations have still to be determined.
On Tuesday, Northfield, Ill.-based Kraft said that it has acquired control of Cadbury.
"The combination of Kraft Foods and Cadbury creates a global powerhouse in snacks, confectionery and quick meals," said Rosenfeld. "Together we have impressive global reach and an unrivalled portfolio of iconic brands, with tremendous growth potential. I warmly welcome Cadbury employees into the Kraft Foods family and look forward to meeting many of them in the days and weeks ahead. This combined company has a phenomenal future, and I firmly believe it will deliver outstanding returns to our shareholders."
Holders of 71.73% of Cadbury's outstanding shares have already accepted Kraft's final offer, as recommended by the Cadbury board. As such, all of the conditions of the recommended final offer for Cadbury have been satisfied or waived, allowing Cadbury to become part of Kraft.
With annual revenues of approximately $50 billion, the combined company is the world's second-largest food company, making delicious products for billions of consumers in more than 160 countries. The combined company's portfolio includes 11 brands with revenues exceeding $1 billion: Oreo, Nabisco and LU biscuits; Milka and Cadbury chocolates; Trident gums; Jacobs and Maxwell House coffees; Philadelphia cream cheeses; Kraft cheeses, dinners and dressings; and Oscar Mayer meats. Another more than 70 brands generate annual revenues of more than $100 million
Click herefor more details about the transaction.
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