Heinz CEO William Johnson is entitled to a monster golden parachute. Warren Buffet’s Berkshire Hathaway and 3G Capital announced last month they were buying the ketchup maker in the food industry’s richest acquisition ever. The deal lets him walk away with $40 million at any time if he chooses. He would get another $16 million if the new owners were to let him go. In addition, Johnson is 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. That means he could walk away with a total of $212.7 million.
ConAgra subsidiary victorious
A jury has sided with a St. Louis company in its battle with Frito-Lay over bowl-shaped tortilla chips. Frito-Lay sued St. Louis-based Ralcorp Holdings in February 2012 in U.S. District Court in Dallas, claiming Ralcorp and its Medallion Foods subsidiary infringed on intellectual property rights by making Bowlz corn chips, a product similar to Frito-Lay’s Tostitos Scoops! chips. Frito-Lay was seeking $4.5 million in damages. Last week, the jury sided with Ralcorp and Medallion and gave Frito-Lay no money. Ralcorp mostly makes food sold under store brand names. It is part of ConAgra Foods Inc.
— From wire reports