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Pay rise for boss of Kraft
Wednesday 31st March 2010, 11:30AM BST.
The boss of Cadbury owner, US food giant Kraft, picked up a 41 per cent hike in pay and bonuses last year, it was revealed today.
Kraft chairman and chief executive Irene Rosenfeld saw her pay package jump to $26.3 million, the equivalent of £17.4m in 2009, from $18.7m dollars, £12.4m in 2008.
This is according to records filed with the US Securities and Exchange Commission.
The firm said Ms Rosenfeld’s leadership in pushing through the company’s controversial takeover of Cadbury had been judged “exceptional” and had transformed Kraft’s business.
News of the increased payout comes after Kraft revealed up to 150 jobs are threatened at Bournville in Birmingham and at Cadbury offices in Uxbridge, West London.
It is also just a month after Kraft caused outrage by announcing job cuts and closures following up its £11.5 billion Cadbury takeover.
Last month the US firm said Cadbury’s Somerdale factory near Bath would close despite earlier pledges to keep it open.
Hundreds of jobs are now set to go at the site after the US firm said it was “unrealistic” to reverse Cadbury’s plans to close it.
It said Cadbury had already spent £100m on building new facilities in Poland and most production would be transferred by the middle of this year.
And this month Kraft further drew the fire of UK unions when it announced its first job cuts within weeks of the takeover.
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