Cadbury top tier quits after Kraft takeover

Hours after Kraft Foods took control of Cadbury, the British confectioner’s three most senior direct

Roger Carr, the chairman of Cadbury, chief executive Todd Stitzer and chief financial officer Andrew Bonfield, have all said they will step down after Kraft announced that 72 per cent of the company's shareholders had accepted its bid.

Stitzer owns a stake worth about £5.5m in Cadbury. He has spent 27 years at the company and became its chief executive in 2003. Stitzer will leave with a package worth up to £20m.

"I wish [Kraft CEO] Irene Rosenfeld and her team every success in taking Cadbury and its brands forward," he said.

A new senior management team will be announced by Rosenfeld within 45 days. Carr joined the Cadbury board in 2001 and has a shareholding worth over £364,000. He was made non-executive chairman in 2008.

Carr is acknowledged for his role in forcing Kraft to increase its initial offer for Cadbury. He is expected to receive at least £450,000 when he leaves the company, while Bonfield could walk away with around £4m.

The dates when all three will officially leave the company are as yet undecided.