Kraft-Cadbury Deal Shows Value of Athletic Background
Kraft’s four-month battle for control of Cadbury was one of the leading Transatlantic business news stories of 2009. It was fiecely fought. It may be no coincidence that it was a battle of jock CEOs. In one corner was Kraft CEO Irene Rosenfeld, a former varsity star of four high school sports who decided to attend Cornell partly because of their athletic program. In the other corner was Cadbury CEO Todd Stitzer, a former professional tennis player.
It may be that the competitive spirit one learns on in competitive sports translates into a significant advantage in business. Neither CEO gave up easily: Rosenfeld has turned Kraft into the world’s biggest confectionary company, replacing Mars. Stitzer managed to get for his shareholders a 50 percent increase over Kraft’s original offer last September.