FX.co ★ Heinz pays its new CEO 12 times less than its predecessor

HJ Heinz Co. paid Bernardo Hees $9.2 million in his first year as chief executive officer, the regulatory filing for the U.S. Securities and Exchange Commission reads.
Thus, Hees’ payment is almost 12 times less than the one of William Johnson, the former CEO of Heinz. He got $110.4 million in the eight months ending December 2013. The package includes an incentive payment of $1.2 million, $7.3 million in option awards and $561,538 of salary.
Hees joined Heinz in June 2013. Previously he worked for Burger King Worldwide. Johnson headed Heinz since 1998. After he took up office, Hees made 3,400 people redundant and closed several factories. He said that was necessary to boost profits. In his annual letter to shareholders, Heinz co-owner Warren Buffett said that the manufacturer's profit will be significant this year. In March 2013, the media reported that Johnson could receive more than $200 million, including “Golden Parachute Compensation” of $56 million, and $57 billion in pension and vested deferred compensation. Moreover, Heinz shares under Johnson’s control were worth $100 million.
In early 2013, an investment consortium comprised of Berkshire Hathaway and investment firm 3G bought ketchup maker Heinz for $28 billion. At that moment, it was the largest merger and acquisition in the food industry. Currently, Heinz accounts for half of the U.S. tomato sauces market.