by Christopher Freeburn | March 5, 2013 11:32 am
Heinz (NYSE:HNZ) shareholders aren’t the only ones who will be making money from the iconic ketchup-maker’s acquisition.
Documents filed by the company with regulators on Monday revealed that if CEO William Johnson departs the firm after it is purchased by Berkshire Hathaway (NYSE:BRK.A, BRK.B) and a Brazilian private equity firm, he will receive almost $56 million in compensation, CNNMoney notes.
Adding those payments to the $156.7 million in vested stock, options and other compensation that Johnson is due, he could receive a total of $212.6 million if he leaves the company.
A company spokesperson said that Johnson had built up equity — in the form of 2.1 million shares of Heinz — during his three decades of employment with the firm. His other compensation is based on agreements made prior to the acquisition.
Johnson became CEO in 1998. He has worked at Heinz since 1982.
Last month, Heinz announced that it would be acquired by a partnership between Warren Buffett’s investment firm and 3G Capital in a deal worth $28 billion.
A week later, federal regulators announced that they were investigating a series of anomalous trades of Heinz shares made one day before the merger was announced.
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