Cadbury Schweppes cuts staff but won't reduce pay for board members

E-mail to Todd Stitzer, CEO of Cadbury Schweppes, asking what cuts will be made to the pay and benefits of board members

To: todd.stitzer@csplc.com
Subject: News report
From: Marcus Williamson
Date: Thu, 28 Jun 2007


Mr Stitzer

I see from this news report:

http://news.bbc.co.uk/2/hi/business/6766159.stm

that you are cutting Cadbury's staff by 15% to save costs.

As part of the cost savings, what reductions in pay and benefits will be made for you and your Board colleagues?

Look forward to hearing from you.

Thanks & regards
Marcus Williamson


Reply from Cadbury Schweppes

To: Marcus Williamson
Subject: RE: News report
From: "Bolton, Katie"
Date: Fri, 29 Jun 2007 02:35:39 -0600
Cc: "Mayer, Linda" ,
"Li, Sue Mei"

Dear Mr Williamson,

I am replying to your email on behalf of Mr Stitzer and Cadbury Schweppes plc. We held an investor and analyst seminar on 19th June to share our plans for the future of our company once we have completed the separation of our beverages business. At that seminar we said we would be submitting new incentive plans to shareowners later in the year with the specific aim of ensuring they are well aligned with our new financial targets for the period 2008-2011. In order to retain talented managers to run our business we need to pay competitively with our peers in the fast moving consumer goods sector and the FTSE100.

I can reassure you that the cost cutting exercise to which you refer will affect all levels of our business. We recently announced that 10% of our top 100 managers would be leaving the business as a result and that we would be moving our Global headquarters from Mayfair to Uxbridge.

Yours sincerely,

Ms K.Bolton