Businessman Atedo Peterside has resigned as the chairman of Cadbury Nigeria Plc.

Mr Peterside’s resignation is contained in a letter addressed to the directors of the company and dated June 29.

The banker, founder of Stanbic IBTC bank, was named non-executive chairman of Cadbury in 2010.

“The Board of Cadbury is well endowed and my departure from the Board also enables the Company to inject a new independent director into the fold. The periodic injection of “new blood” is good for the system especially when further diversity is achieved in the process viz geography, demography and the injection of new and varied skill sets,” Mr Peterside said in his resignation letter.

He said his resignation was so he could move on to other challenges.

“I have spent 10 years as Chairman of Cadbury and I believe this is the right time for me to move on to concentrate on other challenges,” he wrote.

Read the full letter below.

29 June, 2020

Dear Directors,

RESIGNATION AS CADBURY CHAIRMAN

You will recall that I first broached the subject of resigning from my Cadbury Nigeria Plc (Cadbury) chairmanship position a few weeks ago.

Whilst thanking you all for your continued support and understanding, I firmly believe that the end of this half year i.e. 30 June, 2020, should mark my last day because it is also an almost natural point of transition. We successfully held our 55th Annual General Meeting last week and our Managing Director has settled nicely and consolidated her position over the course of the last 15 months.

The Company is on a profitability path that can be sustained if normal trading conditions are allowed to prevail.

The Board of Cadbury is well endowed and my departure from the Board also enables the Company to inject a new independent director into the fold. The periodic injection of “new blood” is good for the system especially when further diversity is achieved in the process viz geography, demography and the injection of new and varied skill sets.

I have spent 10 years as Chairman of Cadbury and I believe this is the right time for me to move on to concentrate on other challenges.

I wish the Board, management and staff all the best in your future endeavours and also extend my regards to the majority shareholder, the minority shareholders, the distributors and all other stakeholders.

May the good Lord continue to bless you all.

Kindest regards

Atedo N A Peterside CON