Stitzer - who has spent 27 years with the UK confectionery firm - said: "It has been my honour and privilege to lead this wonderful company for the past seven years.

"By any set of business standards we have achieved great things. Equally importantly, we have given 21st century meaning to George Cadbury's 19th century principle that 'doing good is good for business'.

"I would like to offer my heartfelt thanks to every one of my 45,000 colleagues for the support they have given me, and for the passion and energy they have shown in making Cadbury the finest confectioner in the world.

"I wish all the best of everything to each of you."

Bonfield, who joined the firm a year ago, said: "Cadbury is in great shape operationally and financially and will be a huge asset to Kraft Foods.

"I wish all of my colleagues the very best."

The effective date of their resignation from the board is still to be determined.

Story provided by Business Financial Newswire