Heinz CEO entitled to $56 million golden parachute

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Associated Press

Posted on March 5, 2013 at 1:02 AM

Updated Tuesday, Mar 5 at 6:01 AM

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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