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 has accrued over his 30-year career with Heinz.News Tribune news services