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.
NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.