Heinz CEO Entitled To Hefty Exit Package
RENEE MONTAGNE, HOST:
NPR's business news starts with a ketchup jackpot.
(SOUNDBITE OF MUSIC)
MONTAGNE: Last month, Warren Buffett's Berkshire Hathaway and a private equity firm announced they were buying Heinz for $29 billion. Now we're learning what the deal means for Heinz's CEO, William Johnson.
Filings with the Securities and Exchange Commission show if he is fired when the new owners take over, he will walk away with a golden parachute worth $56 million. When you tack on stock payouts and deferred compensation benefits, he could get more than $200 million.