LIVE VIDEO: Live Newscast RIGHT NOW    Watch
 

Heinz CEO entitled to $56 million golden parachute

10:45 PM, Mar 4, 2013   |    comments
  • Share
  • Print
  • - A A A +

 


 


NEW YORK (AP) - 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 announced last month they were buying the ketchup maker for $23.3 billion. Pittsburgh-based Heinz disclosed Johnson's deal in a regulatory filing Monday.

The deal lets Johnson walk away with $40 million at any time if he chooses. He would be entitled to another $16 million if the new owners were to let him go.

Johnson is also 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.

H.J. Heinz Co. spokesman Michael Mullen says there has been no decision made about Johnson's future with the company.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Most Watched Videos