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Cadbury CFO Ken Hanna to step down for Inchcape

By Amarendra Bhushan for CEOWORLD Magazine Updated:October 1, 2008

Chocolate maker, the confectionery group Cadbury Plc said that Ken Hanna, its chief financial officer or finance director, will step down from the board in April next year. Hanna have completed five years in the role at the chocolate and chewing gum company intends to pursue a number of non-executive appointments, , including the position of chairman at car retailer Inchcape from May 2009. Cadbury said that an external search for a new chief financial officer has commenced. Roger Carr, chairman of Cadbury said: “On behalf of the board, I would like to thank Ken for the outstanding contribution he has made to the group as chief financial officer. He has played a central role as we have radically restructured the business both from an operations and a portfolio perspective.”

Mr Hanna added: “It has been a privilege to serve on the Cadbury Board and to work alongside Todd and the rest of the executive team. I have every confidence that, as a focused confectionery company, Cadbury will deliver on its full potential. I will remain committed to the company’s success while completing a smooth handover to my successor next year.”

In another news, Inchcape plc, world’s leading car retailer noted that Ken would succeed Peter Johnson, who announced on 15 May 2008 his intention to step down after finding a successor. Ken Hanna has been a non-executive director of Inchcape for six years. Hanna was appointed as chief financial officer of Cadbury Schweppes plc in 2004 and became the chief financial officer of Cadbury plc on completion of the demerger of Americas Beverages in May 2008.

Ken is an Executive Director and Chief Financial Officer of Cadbury plc. Prior to this he was a Partner of Compass Partners International and Group Finance Director and Chief Executive of Dalgety (now Sygen Group plc) from 1997 to 1999. He has previous experience with Guinness plc (now Diageo plc), Avis Europe and Black & Decker and qualified as a Chartered Accountant. At Inchcape, Ken chairs the Audit Committee and is a member of the Remuneration Committee and Nominations Committee. He intends to step down as Chief Financial Officer of Cadbury plc prior to becoming Chairman of Inchcape.

Ken will be taking over from Peter Johnson, who announced on 15 May 2008 his intention to step down once a successor had been found. Peter was appointed Non-Executive Chairman in January 2006 having joined the Group in 1995. Peter and Ken will work closely together over the coming months during the handover.

Peter Johnson commented ‘The Board of Inchcape is extremely pleased that Ken has accepted the role of Non-Executive Chairman. Following a thorough selection process of both internal and external candidates, the Board is firmly of the view that Ken is the best choice for the continued success and development of the Group. He is well placed to provide the leadership required from a Chairman as Inchcape continues to execute on its strategy.’

Ken Hanna commented ‘I am very excited to have been offered this role and look forward to taking up the appointment in May 2009. My current position as a Non-Executive Director and Chairman of the Audit Committee gives me a unique perspective on the Company and its strategy. I look forward to working with Peter, Andrė and the Board over the coming months to ensure a smooth and comprehensive handover.’

Ken Hanna Profile:

Chief Financial Officer
Ken Hanna, age 55 is a Chartered Accountant who started his career as an auditor with Coopers and Lybrand. His first move was into Black & Decker as group treasurer. After that he went to Max Factor as Group Financial Controller and then to Avis where he spent ten years, the last four of which were as Group Finance Director, Avis Europe plc. In 1993 he left to go to Guinness plc, where he was Group Finance Director of United Distillers plc until 1997, when he moved to Dalgety plc. After a brief period as Group Finance Director he was appointed Group Chief Executive. In 1999, he became a Partner of Compass Partners International. In 2004, Ken was appointed as Chief Financial Officer of Cadbury Schweppes plc and became Chief Financial Officer of Cadbury plc on completion of the demerger of Americas Beverages. Since 2002 Ken Hanna has also been a Non-Executive Director at Inchcape plc.

Ken has a broad range of experience gained while working as the Group Finance Director of United Distillers plc (1993–1997) and the Chief Executive Officer and Group Finance Director of Dalgety plc (1997–1999). In addition, Ken’s focus on consumer goods while an Operating Partner at the private equity firm Compass Partners (1999–2004) makes him particularly qualified to lead the Cadbury finance function.

Ken Hanna has been Chief Financial Officer of Cadbury Schweppes Public Ltd Co., since March 1, 2004. Mr. Hanna is a Partner of Compass Partners International Limited, of which he joined in 1999. Mr. Hanna served as the Chief Executive Officer of Compass Partners International Limited. Mr. Hanna started his career as an Auditor of Coopers and Lybrand. His first move was into Black & Decker as Group Treasurer.

After that he served with Max Factor as Group Financial Controller … and then to AVIS where he spent ten years, the last four of which were served as Group Finance Director of Avis Europe plc. In 1993 he left to go to Guinness plc (now Diageo plc), where he served as the Group Finance Director of United Distillers PLC until 1997, when he moved to Dalgety plc (now Sygen Group plc). After a brief period as Group Finance Director, he served as Group Chief Executive from 1997 to 1999 of Dalgety. He has been a Director of Cadbury Schweppes Public Ltd Co., since April 2004 and an Independent Non Executive Director of Inchcape PLC since September 2001. Mr. Hanna is a Chartered Accountant.

2004-Present
Chief Financial Officer, Executive Director and Member of Chief Executives Committee
Cadbury plc

2001-Present
Non-Executive Director, Chairman of Audit Committee, Member of Nomination Committee and Member of Remuneration Committee
Inchcape plc

Peter Johnson
Peter Johnson, 60 was appointed Non-executive Chairman of Inchcape plc on 1 January 2006. Originally joining the Group in 1995 as Chief Executive of Inchcape Motors Retail, Peter then became Chief Executive of Inchcape Motors International (non-Toyota) in 1996. He joined the Inchcape Board in January 1998, before becoming Group Chief Executive on 1 July 1999 until 31 December 2005 and then Non-executive Chairman on 1 January 2006. He is Chairman of Rank Group plc, a Non-executive Director of Bunzl plc and Vice President of the Institute of the Motor Industry. He was previously Sales and Marketing Director of the Rover Group, and Chief Executive of the Marshall Group.

About Inchcape
Inchcape is the world’s leading car retailer with a geographically diverse portfolio, operating in 25 countries with a unique and proven business model which delivers around 80% of its Group profits from international markets. The company has been listed on the London Stock Exchange since 1958 and operates both Distribution and Retail businesses, with multiple revenue streams (including sales of new and used vehicles, parts, service, finance and insurance), for the world’s most successful car brands.

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