LONDON -- Cadbury PLC chief strategy officer Mark Reckitt will step down now that the company’s integration with Kraft is well under way, according to The Wall Street Journal. Kraft acquired the British confectionary giant earlier this year for $19 billion.
Reckitt has been with Cadbury for two decades and led the merger integration team along with Kraft's Tim Cofer. He became Cadbury's strategy chief in 2007, and helped oversee the company’s acquisitions of the Adams and Green & Black's businesses. He will remain with Kraft as a part-time consultant on the Green & Black's line, according to the newspaper.
Michael Osanloo, currently Kraft's executive vice-president of strategy, has reportedly taken over the global integration effort.
Kraft Foods Inc. saw profit and revenue rise in the first quarter as its core business grew and it began to integrate Cadbury, which it acquired earlier this year for $19.5 billion.
Boosted by the sale of its frozen pizza business, Kraft posted profits of $1.88 billion, or $1.16 per share, for the quarter that ended March 31, up from $660 million, or 45¢ per share, in the same quarter last year. Total revenue grew 26% to $11.3 billion.
Revenue reportedly grew around the globe, with Planters nuts and Trident gum among the top-performing Kraft brands.
Looking forward, officials said they expect organic revenue growth of 4% and earnings of $2.35 per share for the 2010 fiscal year.