Kraft Foods Group Inc. said its board approved a combined $16.2
million in bonuses and make-whole payments for executives related
to the packaged-food company's pending merger with H.J. Heinz
Co.
Kraft's board, with Heinz's consent, approved bonuses for
executives including $5 million for Chairman and Chief Executive
John Cahill, $1.5 million for General Counsel Kim Rucker and
$500,000 for Chief Financial Officer James Kehoe.
Mr. Cahill also will receive an estimated make-whole payment of
$11.1 million related to the pending deal, while Ms. Rucker will
get an estimated $3.1 million.
Kraft's merger with Heinz, which is owned by Brazilian
private-equity firm 3G Capital Partners LP, will create the
third-largest food and beverage company in North America. Kraft
shareholders are set to vote on the merger plan July 1.
Kraft—home to supermarket brands such as Oscar Mayer, Maxwell
House, and Velveeta—was spun off in 2012 from Mondelez
International Inc.
Write to Tess Stynes at tess.stynes@wsj.com
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