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Putting all speculation to rest, Cadbury India on Thursday said ex-PepsiCo India region president Manu Anand will join the company on August 16 as managing director. He would additionally hold the title of president, India and South Asia, Mondelez International, replacing incumbent Anand Kripalu, who has stepped down from his position after eight years with the company.
Fifty-five-year-old Anand, who had spent 19 years with PepsiCo, had resigned on June 20 amid rumours that he was joining Cadbury, rechristened last year as Mondelez, following a global split of parent Kraft Foods’ businesses.
Kripalu is expected to be with the company for the next two months as part of the mandatory hand-holding process. “The two (Anand and Kripalu) will work together over the coming weeks to ensure business continuity and a successful transition in line with the company’s culture," said Cadbury India in a statement.
The Mumbai-based snacks and chocolate major has also initiated a few other changes in its senior management team even as Anand comes on board.
Siddharth Mukherjee, who was earlier with Mondelez in Zurich, will take over as chocolate category head in India from Chandramouli Venkatesan, who will now lead the chocolate business for the entire Asia-Pacific region. Venkatesan was earlier director (snacking) at the company.
Narayan Sundaraman, who was earlier category director for beverages, gum and candy, consumer insight and strategy, will now be category director for biscuits, south-east Asia with responsibility for seven markets — Malaysia, Indonesia, Thailand, the Philippines, Hong Kong, Singapore and Taiwan. He will take up his new position this September, the company said. A replacement, incidentally, for him is yet to be found. Cadbury India did not specify when that was likely to happen.
The management rejig happens at a time when Cadbury has seen its lowest growth rate since 2006. (The company follows January-December financial year.)
The company, which has consistently grown by over 25 to 30 per cent in previous years, experienced the first hints of a slowdown in FY12, seeing its revenues increase by just 20.8 per cent to Rs 4,065 crore.
Profit after tax increased just 2.1 per cent to Rs 303.4 crore for the period under review as consumers cut back on discretionary spends on account of high food inflation.
