Kraft ceo Rosenfeld counters UK hostility
Describing the Cadbury acquisition last January as a “compelling strategic opportunity” for Kraft, Rosenfeld (pictured) told US publication Bloomberg Businessweek that she hadn’t attended a grilling by the Business, Innovation and Skills select committee in March because it “was not the best use of my personal time”.
“I've spent a lot of time in the UK with the folks that really matter to me, employees and other constituents,” she said, adding that she had answered all the select committee’s questions and that there was no new information to provide.
Public relations were critically important to Kraft, Rosenfeld said, but the US food conglomerate needed to be selective in addressing concerns. “As we accomplish our objectives, a lot of concerns will fall away. There’s been a lot of hype, and one of the challenges with the UK media is that they’re not always accurate.”
Transatlantic takeover
Rosenfeld said she knew beforehand that the Cadbury takeover would involve enormous sensitivities: “It was a hostile transaction. It was a transatlantic takeover of an iconic UK brand.
“Shareholders like Warren Buffett expressed concern that we [Kraft] were using stock. There was a public outcry. I had hoped it would be a friendlier transaction, but the challenge was that the target wasn’t anxious to be acquired.”
Select committee member and Labour MP Ian Murray told FoodManufacture.co.uk in March that he was disappointed by the fact that Rosenfeld made comments to the press "obviously directly from her" that assisted Kraft with the Cadbury takeover, but still wasn't personally prepared to explain Kraft's position to the select committee.
Union Unite, which represents many Cadbury workers, also criticised Rosenfeld's no-show: “The fact that … Irene Rosenfeld has refused to appear before the BIS select committee shows the arrogance of international capitalism and does not bode well for British companies fighting off greedy and speculative bids in future."
Rosenfeld was awarded a 41% pay rise for "exceptional" leadership last March following the Cadbury takeover, pocketing a full remuneration package of $26.3m (around £16m).
