Kraft has announced that Mark Reckitt, Cadbury’s Chief Strategy Officer has quit, while other upcoming resignations are rumored.
Mark Reckitt is the most senior executive left at Cadbury within Kraft. Reckitt has, alongside Kraft’s Tim Cofer, been leading the integration of Kraft and Cadbury, and was the only Cadbury member to report directly to Irene Rosenfeld, Kraft’s CEO.
Read more here: Cadbury executives begin to jump ship
By The Associated Press
NORTHFIELD, Ill. – Cadbury PLC shareholders have voted to approve Kraft Foods Inc.’s roughly $19.5 billion offer to acquire the British candy maker.
The majority vote marks the final step in Kraft’s months-long battle to acquire the company. The deal creates of the world’s largest confectionary company and greatly expands Kraft’s global reach.
By David Jones
LONDON (Reuters) – Kraft Foods agreed a recommended deal to buy Cadbury for around 11.9 billion pounds ($19.6 billion), creating the world’s top confectioner after frantic last-minute talks broke an impasse over price.
Kraft’s CEO Irene Rosenfeld had to inject more cash into her bid and drop the number of new Kraft shares in the offer to win over Cadbury Chairman Roger Carr and mollify her top shareholder, billionaire investor Warren Buffett.
