Cadbury CEO Stitzer shifts over to defense

LONDON: Todd Stitzer engineered more than 40 transactions after joining Cadbury Plc as a Harvard- and Columbia-trained mergers and acquisitions lawyer. Now as chief executive officer, he's testing his skills playing defense.

Stitzer, fighting a $16 billion unsolicited bid from Kraft Foods Inc, is seeking to prove to shareholders Cadbury can do better alone. Both Stitzer and Kraft CEO Irene Rosenfeld are set to make speeches this week after Cadbury, the maker of Trident gum and Dairy Milk chocolate, rejected Rosenfeld's proposal as an "unappealing prospect" from a "low-growth conglomerate".

His desire to stay independent is undermined by investors such as Mario Gabelli from Gamco Asset Management Inc, who said he wants Kraft to pay more. Cadbury's shares are trading above Kraft's bid price on speculation a higher offer will emerge.