US: Cadbury Schweppes prepares staff reshuffle
Cadbury Schweppes is restructuring its senior management following its recently announced plans to demerge the company.
Speaking to just-drinks today (15 October), the company confirmed that it will implement a number of key management changes involving the resignation and promotion of staff as outlined in an internal memo.
America's Beverages' president Gil Cassagne has stepped down, with Larry Young, previously president-sales of the Cadbury Schweppes Bottling Group, replacing him. Rodger Collins will take over from Young as president-sales for the division, soon to become the independent company Cadbury Schweppes America's Beverages.
The company confirmed in the memo that it expects 470 staff to leave the beverage unit. The initial list includes the departure of Snapple Distributors' Jack Belsito, executive vice president-strategy for Americas Beverages Joe Bayern, and vice president-corporate communications Charles Alfaro, the company said.
In the memo, Young added: "We have a lot of changes happening now. I know it's a lot to absorb; I also know that there has never been a more important time to focus on delivering results for the balance of year. That is the focus you can expect from me and the executive team, and that's what I expect of all of you."
Cadbury Schweppes has been on a seven-month search for a potential suitor for the US drinks business but in July it said it was delaying the sales process, due to the "extreme volatility" of the debt markets. In its first-half trading update last week, the company said that drinks unit will become an independent company and plans to list the business on the New York Stock Exchange through an issue of shares to existing shareowners.
The move will be subject to a number of approvals and rulings and will not be completed before the second quarter of 2008.
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