Cadbury Schweppes announces that Rosemary Thorne, a non-executive director since 2004, has resigned from the Board, effective today, on the expiry of her current term of appointment.
Sir John Sunderland, Chairman, said: "On behalf of the Board, I would like to thank Rosemary for her contribution to the Board over the past three years, and for her service on its audit, nomination and remuneration committees. I wish her well for the future."
Following Rosemary Thorne's departure, Cadbury Schweppes' Board will comprise:
- Sir John Sunderland - non-executive chairman
- Roger Carr - deputy chairman and senior independent non-executive
- Todd Stitzer - chief executive officer
- Ken Hanna - chief financial officer
- Bob Stack - chief human resources officer
- Sanjiv Ahuja - non-executive
- Dr Wolfgang Berndt - non-executive
- Guy Elliott - non-executive
- Ellen Marram - non-executive
- The Rt Hon The Lord Patten of Barnes CH - non-executive
- David Thompson- non-executive
- Raymond Viault - non-executive
1. About Cadbury Schweppes
Cadbury Schweppes is the world's largest confectionery company and has strong regional beverages businesses in North America and Australia. With origins stretching back over 200 years, today Cadbury Schweppes' products - which include brands such as Cadbury, Schweppes, Halls, Trident, Dr Pepper, Snapple, Trebor, Dentyne, Bubblicious and Bassett - are enjoyed in almost every country around the world. The Group employs over 70,000 people.
2. About Cadbury
On 19 June, 2007, we announced a new strategy for our ongoing confectionery business post the separation of Americas Beverages. Our goal is to leverage our scale and advantaged positions to maximise growth and returns by:
- Driving growth through a concentration on "fewer, faster, bigger, better" participation and innovation, supported by our global category structure introduced last year;
- Driving cost and efficiency gains to increase margins; and
- Continuing to invest in capabilities to support our growth and efficiency agendas.
Our Financial Scorecard
Our ambition to maintain revenue growth while improving margins and returns is reflected in our new financial scorecard for the 2008 to 2011 period:
• Annual organic revenue growth of 4-6%
• Total confectionery share gain
• Mid teens trading margin by 2011
• Strong dividend growth
• Efficient balance sheet
• Growth in return on invested capital
Commercial Strategy: Focus on Top Markets, Brands and Customers
To help drive further revenue growth, under a new category management structure, we are focusing our resources on a fewer number of markets, brands and customers:
- Our 12 focus markets include the UK, US, Australia, Mexico, Brazil, India and Russia. Together, these markets represent around 70% of our total revenues and are forecast to account for over 60% of expected category growth over the next five years.
- Our 13 focus brands, include our biggest brands such as Cadbury Dairy Milk, Trident, Halls, Dentyne and Flake and our newer fast growing brands, Green & Black's and The Natural Confectionery Company. Together, our 13 focus brands account for over 50% of our confectionery revenues and have above average revenue growth and operating returns.
- Our 10 focus customers comprise 7 top retailers (including WalMart, Tesco, Carrefour and Lidl) and 3 trade channels (impulse in developed markets; traditional trade in emerging markets; and international travel retail). Together, these customers account for over 50% of our revenues