CEO's exit deal golden
NEW YORK — Heinz CEO William Johnson is entitled to a golden parachute worth $56 million if he’s fired by the company’s new owners.
Warren Buffet’s Berkshire Hathaway and 3G Capital said last month they were buying the ketchup maker in the food industry’s richest acquisition ever. Pittsburgh-based Heinz disclosed Johnson’s deal in a filing Monday.
The deal lets him walk away with $40 million at any time if he chooses. He would get another $16 million if the new owners were to let him go. In addition, Johnson is entitled to a payout of $99.7 million in vested stock and $57 million in deferred compensation benefits that he accrued over his 30-year career with Heinz.
That means he could get a total of $212.7 million. Johnson, 64, has been president and CEO at Heinz for the past 15 years.
