Three of the top officers at British candy maker Cadbury PLC announced plans to step down on Monday following the approval by shareholders to be absorbed by Kraft Foods Inc.'s in $19.5 billion deal.
Among these resignations, Todd Stitzer the company’s chief executive officer will leave the company after 27-years. Chief Financial Officer, Andrew Bonfield will do the same after one year with Cadbury. Roger Carr, Cadbury’s chairman will follow suit on an undisclosed date.
All of the three executives voiced their opposition to the takeover and felt that the Kraft offer was too low to be deemed acceptable. They accepted the terms only after Kraft increased its initial offer by 9 percent to $19.5 billion.
Tuesday, Kraft announced almost 72 percent of Cadbury shareholders voted in favor of the deal, cementing the creation of a global food goliath.
Kraft is the second largest food produer in the world and combined, the two companies have approximately $50 billion in annual revenue.
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