Report: Kraft is sweet on Cadbury
LONDON Kraft Foods is pursuing a takeover of Cadbury after the confectionary giant rejected a $16.7 billion bid, according to reports.
Kraft’s chief executive, Irene Rosenfeld, told reporters that Cadbury has “limited opportunity” as a standalone business. With Kraft, she asserted, the brand would expand, making Kraft’s snack and quick meal categories skyrocket, one-upping such rivals as Nestle.
Under the proposal, Cadbury shareholders would get ?3, or $4.92, in cash and 0.2589 in Kraft Foods shares for each Cadbury share. Kraft said the offer valued the company at ?7.45, or $12.22, a share, a premium of 31% over Cadbury’s closing price of ?5.68 on Friday. In London, shares rose to ?7.83 on Monday.
PepsiCo appoints two to EVP posts
PURCHASE, N.Y. PepsiCo has appointed a 23-year veteran to the newly created role of EVP sales, North America beverages and another to EVP sales and marketing.
Tom Greco, a 23-year veteran, will report to PepsiCo Americas Beverages CEO Massimo d’Amore. Greco’s former role will be incorporated into a new, expanded sales and marketing leadership role. Additionally, Salman Amin, who has led PepsiCo’s business in the United Kingdom and Ireland, was named EVP sales and marketing at PepsiCo.
In his new role, Salman Amin will report to PepsiCo CEO Indra Nooyi on global brands and marketing responsibilities, and to John Compton, CEO of PepsiCo Americas Foods, on PepsiCo Customer Team accountabilities. He will lead an integrated sales and marketing strategy with PepsiCo’s global customers and drive the company’s international marketing agenda for beverages and foods.
“As we work toward the close of our pending bottler transaction with PBG and PAS, we have an opportunity to reorganize our North American beverage selling organization for increased speed, efficiency and greater innovation,” d’Amore said. “Taking our North America beverage selling organizations, and uniting them under a transformational leader with a proven track record is the right thing to do, and it’s the right time to do it. Tom is uniquely, and extraordinarily well-prepared to drive these capabilities.”
Greco began his career with PepsiCo in Canada in 1986, and has held a variety of positions in sales, marketing and general management. Since 2006, he has led PepsiCo’s U.S sales organization — driving the company’s “Power of One” cross-divisional sales strategy.
Meanwhile, Amin joined PepsiCo in 1995. Serving most recently as president PepsiCo UK and Ireland, he has effectively led growth with the company’s Walkers snack foods, Quaker breakfast cereals, and Tropicana and Copella fruit juices and smoothies businesses. Prior to this role, Salman was chief marketing officer for PepsiCo International.
Chew on this: Trident to donate sale proceeds to Smiles Across America
PARSIPPANY, N.J. Trident is donating a portion of its proceeds during the first week in September to Smiles Across America, the signature program of Oral Health America that supports dental services to thousands of children in underserved communities nationwide.
Kicking off Sept. 1 and running through Sept. 7, Trident will donate $0.05 for every package of Trident gum purchased to SAA as part of a three-year commitment to help the organization shed light on the importance of pediatric oral health in the United States.
Tooth decay is a common chronic childhood disease in America. Each year, over 51 million school hours are lost as a result of problems related to tooth decay. Trident’s contributions help SAA link local governments, businesses and supporters with care providers and schools to help fight untreated oral disease in children.
“Trident has played a distinct role in oral health for over forty years, since launching as the first sugar-free gum to help fight tooth decay,” said Lesya Lysyj, EVP marketing, Cadbury North America. “By supporting Smiles Across America, we continue to raise awareness about the importance of access to pediatric dental care in the U.S. Now, consumers who chew Trident gum have the chance to help make a difference in the lives of millions.”