Cadbury bosses making a mint

DIRECTORS of Cadbury Schweppes are among the best-paid in the country. The confectionery-to-soft drinks group's executive directors each collected more than £1m last year.

American chief executive Todd Stitzer's total package increased by 57% to £2.15m. This included a £673,000 basic salary, a bonus of £848,000 and an allowance of £453,000, most of which makes up for the amount he pays in UK income tax against the lower rates he would pay in the United States.

Chairman John Sunderland, who goes non-executive from August, saw his package rise by 23% to £1.7m. He also made £480,000 profits on share options. With retirement in sight, he was given a £2.06m boost to his pension pot, taking it to £13.8m. That should give him a pension of £705,000 a year.

Cadbury said that much of the increases came from its incentive plan based on targets set for executives each year.

The world's biggest confectioner said it has not held any talks over the possible sale of its European beverages arm, which makes the Oasis and Orangina brands. 'We've definitely not held any talks, with any firm, about the sale of any any part of our business,' spokeswoman Katie Macdonald-Smith said. She said the group was focusing on 'top line growth and paying down debt", but stopped short of denying the business may be sold.

Her comments followed a report in The Sunday Times that said a number of venture capital groups had contacted the company to express an interest in acquiring the European drinks business, which also includes the Spanish drink La Casera and the Schweppes range of mixers. The newspaper said Cadbury is likely to kick off a formal sale process for the unit, enabling it to pay off some of its £4.2bn borrowings.