Business

Heinz CEO could see $56 million golden parachute

Candice Choi The Associated Press

March 4, 2013 at 7:18 PM ET

NEW YORK - 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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