Kraft To Cadbury Workers: Leave Pension Plan Or Take Pay Freeze

Kraft To Cadbury Workers: Leave Pension Plan Or Take Pay Freeze

Mac-n-cheese king Kraft Foods, which acquired British chocolate maker Cadbury earlier this year, isn’t wasting any time when it comes to flexing some American-style corporate muscle. According to the Financial Times, Kraft has warned 3,600 Cadbury employees that they’ll face a three-year pay freeze if they don’t agree to “voluntarily” opt out of the company’s pension plan.

Separately, Kraft announced that CEO Irene Rosenfeld was getting a 40% pay hike this year, due in part to her “exceptional” management of the Cadbury deal. Rosenfeld’s 2009 take will be about $26 million.