Cadbury chief Irene Rosenfeld handed $10m stock award



The chief executive of UK chocolate maker Cadbury, Irene Rosenfeld, has been handed a special stock award valued at $10m.

Mondelez International (NasdaqGS: MDLZ - news) , the owner of Cadbury, said on Friday in a regulatory filing that the award recognizes Ms Rosenfeld's "top-tier performance" and "transformational" moves, such as the recent spinoff of its Kraft Foods (NasdaqGS: KRFT - news) grocery business.

Mondelez said the award is also intended to give her incentive to continue delivering strong results. It includes restricted stock that will vest after three years and restricted stock based on the company's performance.

Ms Rosenfeld, who took over as chief executive in 2006, received a pay package worth $15.7m as boss of Kraft Foods last year, according to an Associated Press calculation.

Although its split from Kraft was successful, Mondelez has made some early missteps. Last month, the company said its net income fell 29pc in its first quarter as an independent company. Ms Rosenfeld said at the time the results were hurt by "short-term executional missteps". In Brazil, for example, she said the company didn't react quickly enough to a slowdown in gum purchases. In Russia, she said the company didn't cut prices for coffee and chocolate as competitors did.

Ms Rosenfeld said at the time those issues should be "largely resolved" by the end of the year.

Shares of Mondelez, fell 37 cents to $25.70 in afternoon trading.

The takeover of Cadbury generated a large amount of anger, much of it personally directed towards Ms Rosenfeld, who has only visited the Bournville factory once, and refused to attend a House of Commons Select Committee hearing.