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Cadbury CEO to reap $19M on takeover

Jan. 21, 2010 at 3:57 PM   |   Comments

LONDON, Jan. 21 (UPI) -- A British newspaper said Cadbury Chief Executive Officer Todd Stitzer will earn $19 million when Kraft Foods Inc. buys the company.

Stitzer will earn a year's salary of $1.6 million plus a bonus of $3.2 million and will also be able to sell shares worth about $14 million, The Daily Mail said.

On top of this, Stitzer owns $8.9 million in company shares, the newspaper said.

The Mail said he will likely be asked to leave his job when Kraft takes over, making him statistically equal to others whose jobs will be redundant after the merger.

Prime Minister Gordon Brown reiterated his stance Wednesday that jobs would be protected. The great-great-granddaughter of John Cadbury, who began the confection business 157 years ago called the $19.1 billion Kraft takeover "awful," the newspaper said.

© 2010 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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