Former Heinz Boss gets Huge Payday, Despite Layoffs

by Rachel Baker on March 12, 2014

This is what’s wrong with the world. Why is it exactly that former bosses get huge paydays and the little people that made them money in the first place get laid off? Can’t these guys wait until the company is actually making money again and haven’t laid off employees in at least a year?

Former Heinz chief executive William Johnson received $110.5m (£66.1m) for the final eight months of 2013, the food firm disclosed in a filing to US regulators.

Current boss Bernardo Hees, who joined the firm in June, received $9.2m.

Mr Hees has cut more than 3,400 positions and closed factories in an effort to boost profits.

Heinz was bought by Warren Buffett’s Berkshire Hathaway and 3G Capital for $28bn in February 2013.

The firm, whose products include ketchup, baked beans, and a variety of frozen meals, reported a net loss of $71.7m from February to December 2013.

It announced the closure of three US plants in November and two European processing plants in February this year.

For more information, check out the website:
http://www.bbc.com/news/business-26523828

Comments on this entry are closed.

Previous post:

Next post: