Submitted by Fox First at Ten on March 4th
By CANDICE CHOIAP Food Industry Writer
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.
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