Heinz CEO Entitled To Hefty Exit Package

Published March 5, 2013 at 4:00 AM EST

RENEE MONTAGNE, HOST:

NPR's business news starts with a ketchup jackpot.

(SOUNDBITE OF MUSIC)

MONTAGNE: Last month, Warren Buffett's Berkshire Hathaway and a private equity firm announced they were buying Heinz for $29 billion. Now we're learning what the deal means for Heinz's CEO, William Johnson.

Filings with the Securities and Exchange Commission show if he is fired when the new owners take over, he will walk away with a golden parachute worth $56 million. When you tack on stock payouts and deferred compensation benefits, he could get more than $200 million. Transcript provided by NPR, Copyright NPR.

WRVO is at a critical moment.

Recent cuts to federal funding are challenging our mission to serve central and upstate New York with trusted journalism, vital local coverage, and the diverse programming that informs and connects our communities. This is the moment to join our community of supporters and help keep journalists on the ground, asking hard questions that matter to our region.

Stand with public media and make your gift today—not just for yourself, but for all who depend on WRVO as a trusted resource and civic cornerstone in central and upstate New York.

Support WRVO now