The Mudcat Café TM
Thread #127189   Message #2834284
Posted By: SINSULL
09-Feb-10 - 02:16 PM
Thread Name: BS: Kraft Foods to close Cadbury factory
Subject: RE: BS: Kraft Foods to close Cadbury factory
"It emerged today that Todd Stitzer, the chief executive of Cadbury who will leave within weeks after failing to beat off Kraft's £11.4 billion bid, pocketed £4.6 million through dealings in the company's shares on Monday.

Mr Stitzer, whose departure was announced within 24 hours of American conglomerate Kraft gaining control of Cadbury last week, bought shares under Cadbury's executive share option scheme at £5.03 per share on Monday, before selling them later that day for £8.41 per share.

He still owns shares worth around £6.7 million in the company, and shares worth a further £12.8 million through its bonus scheme.

Mr Stitzer, who spent 27 years working at Cadbury and initiated the restructuring programme which made it an attractive target for Kraft, spoke of his "immense personal sadness" after it became clear that the maker of Dairy Milk would fall to Kraft. "

Wonder if he is sad enough to share his profits with the redundant workers.