SUBSCRIBE

Breaking News on Confectionery & Biscuit Processing

News > Manufacturers

Read more breaking news

 

 

Cadbury India top brass shakeup unconnected to tax probe, says Mondelez

By Oliver Nieburg+

26-Jul-2013

Mondelez says MD Anand Kripalu's departure is not linked to ongoing tax evasion investigations

Mondelez says MD Anand Kripalu's departure is not linked to ongoing tax evasion investigations

Cadbury India has made wholesale changes to its senior management in a move parent company Mondelez International says is not linked to ongoing tax evasion investigations.

Anand Kripalu, MD Cadbury India and president for India & South Asia, has left the company and has been replaced by former PepsiCo India CEO Manu Anand.

‘Not connected’, says Mondelez

A Cadbury India spokesperson told ConfectioneryNews that Kripalu’s departure was unconnected to a series of tax evasion investigations against Cadbury India that purportedly took place under Kripalu’s tenure, which began in 2005.

“This decision is in no way connected to any other matter. People movements are a natural part of any dynamic, fast-growing business environment, and ours is no exception.”

Tax evasion probes

Cadbury India is under investigation by India’s Department of Excise for allegedly claiming unlawful tax exemptions for its Himachal Pradesh factory built in 2010.

The US Securities and Exchange Commission is also investigating whether Cadbury bribed Indian officials to establish the plant.

Meanwhile, India’s Ministry of Finance is engaged in a further tax evasion probe against the company in relation to Kraft Foods’ takeover of the Indian subsidiary in 2010.

Kripalu’s ‘desire to move’

The Cadbury India spokesperson said that under Anand Kripalu’s leadership, the company had grown its revenues from less than Rs 746 crore ($127m) in 2005 to over Rs 4065 crore ($691m) in 2012.

The spokesperson implicated that it had been Kripalu’s choice to leave.

“Even as we reviewed internal options, Anand expressed his desire to move on to new challenges outside the business.”

Other movements

Cadbury India has also communicated some internal movements.

Chadramouli Venkatesan, who was earlier director of the chocolate category and media in India has been promoted to an Asia Pacific role as regional leader for chocolate. He will remain based in Mumbai.

His vacated post has been taken up by Siddharth Mukherjee, who has been at Cadbury India for 18 years.

Narayan Sundararaman, who was director of powdered beverages and gum & candy for Cadbury India has also been elevated to category director of biscuits for markets in South East Asia.

Former Pepsio India head Manu Anand will join the Cadbury’s India business on August 16, 2013.

Key Industry Events

 

Access all events listing

Our events, Shows & Conferences...