Two months ago, to coincide with the latest Select Committee hearing, The Times prepared a detailed investigation into Kraft’s stewardship. With the co-operation of some of Mrs Rosenfeld’s leading lieutenants, we revealed that more than 120 of Cadbury’s top 160 executives had left since the takeover.
Many of them said that Kraft was a hidebound, bureaucratic company that reminded them of Cadbury a decade earlier.
That culture, along with the management departures, is now starting to have an impact on Cadbury’s performance. Kraft’s latest figures revealed that Cadbury’s sales have shrunk in all key regions aside from some emerging markets where the business ought to be performing much better. Kraft has proved to be as lousy a custodian of Cadbury as many people feared it would.