Bumper day for Cadbury chief

The boss of Cadbury Schweppes could be on track for another pay rise after receiving £2.1m (€3.1m) in pay and benefits last year, it emerged today.

Todd Stitzer’s basic salary could be boosted when he takes over some duties from chairman John Sunderland, who is stepping down to a part-time role in August.

Cadbury’s annual report showed Mr Stitzer received a basic pay package of £673,000 (€981,000) in 2004. However, this was outstripped by a bonus of £848,000 (€1.2m) because the company performed “strongly” against its targets on sales and underlying profits.

American national Mr Stitzer was also awarded allowances of £453,000 (€660,196) relating to income tax payments, as well as other benefits during the year.

The report said the remuneration committee would consider an increase in the chief executive’s salary when Mr Sunderland becomes part-time chairman, although no figures were given.

Cadbury said today that it had achieved its goals of improving sales growth and margins, and increasing cash flow.

The group’s European soft drinks division was hit by poor weather last summer but a better performance by its sweets and chocolates business helped it meet its targets for the last financial year.

The company yesterday distanced itself from reports that it was preparing to sell its drinks unit which makes Orangina and Oasis.