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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsFormer Heinz boss in $110m payday as layoffs continue (BBC)
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.
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more: http://www.bbc.com/news/business-26523828
liberal N proud
(60,335 posts)They all have found a way to make money without people, and the profit is not long term, just this quarter. Cutting people gets them that profit for the quarter and if necessary, they will cut more people next quarter to get those profits.
The company I work for cut it's global workforce by 30%, closed factories, off-shored production while the CEO took home a $54 million bonus.
jsr
(7,712 posts)Hassin Bin Sober
(26,330 posts)But does it say the CEO took home $30 million more than the company lost?
hvn_nbr_2
(6,486 posts)Kablooie
(18,634 posts)The only reason they keep a company alive is so it will continue to produce cash that can be drained into CEO pockets.
The obscenity of this is mind boggling.
dickthegrouch
(3,174 posts)I sure would if I were a shareholder in Heinz.