Cadbury chief executive Todd Stitzer parted company with the Dairy Milk maker better off to the tune of £40m, according to press reports over the weekend.

Accounts released by the iconic confectioner showed Stitzer claimed a £20m windfall in performance shares as a result of the company’s controversial sale to Kraft Foods.

He also received pension payments worth more than £17m as well as his salary of £3.7m.

Trade union officials criticised the scale of the payments, which Jennie Formby of Unite called “obscene”.

“It shows all the warm words from Stitzer about how he regretted the sale were crocodile tears,” she told The Guardian.

Last month it emerged that Kraft boss Irene Rosenfeld received a pay rise of 40% in return for what Kraft called her “exceptional” leadership during the battle for control of Cadbury.

Read more
Kraft hands Bond European role as Bunker takes Cadbury reins (5 March 2010)
Carr blames hedge funds for Cadbury sale (10 February 2010)
Cadbury top brass confirm exit as finance chief Bonfield walks (3 February 2010)
Me, myself & Irene: Cadbury chief Todd Stitzer talks (19 December 2009)

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