In the news today.
REGINA - Regardless of the outcome of any potential takeover battle for Viterra Inc., chief executive Mayo Schmidt will be well looked after.
Schmidt, who made $5.1 million in salary and bonuses last year, will be paid $13.1 million in ``cash severance,'' if he is terminated without cause within 12 months of any takeover, according to the company's management information circular.
Known as ``change in control (CIC)'' provisions. Schmidt's compensation package provides for separation payments of base salary, plus performance bonuses, stock options and other benefits in the event of the takeover of the company.
The information circular, which was issued to shareholders at the company's annual meeting in Calgary last week, outlines the payments Schmidt is entitled to under the CIC provisions: $3.4 million in base salary, $3.66 million in short-term incentives, and $6 million in share units, for a total of $13.1 million.
That doesn't include $545,000 in stock options and $50,000 for ``outplacement and relocation'' costs.
Under Schmidt's guidance, ``Viterra has transitioned from a company that was once largely a handler and marketer of western Canadian grain to a global agri-business,'' the circular said.
As chief executive of Saskatchewan Wheat Pool, Schmidt headed the company's acquisition of Agricore United for $1.8 billion in 2007 and led the acquisition of Australia's ABB Grain Ltd. for $1.4 billion in 2009.
``Under Mr. Schmidt's leadership, Viterra has been recognized by Canadian Business Magazine as one of the 50 most important companies in Canada's history. The magazine also honoured Mr. Schmidt as the Chief Executive of the Year in 2009.''
Schmidt is one of five senior Viterra executives entitled to C.I.C. payments, including Fran Malecha, chief operating officer ($4.5 million); Rex McLennan, chief financial officer ($3.5 million); Don Chapman, senior vice-president, international grain ($2.5 million); and Robert Gordon, president, South East Asia ($2.1 million).
Regina Leader-Post
So if Mayo loses his job because he is trying to sell the company, he is paid a bonus. Nice clause. He is putting himself out of a job. I would say that is cause enough to not pay him a bonus. So if I sell the farm, I can ask for an outrageous bonus if the new owners don't keep me around. Sheesh.
Also quotes Canadian Business Magazine as viterra as "the 50 most important companies in Canada's history" and yet Wall says there is no case for keeping it Canadian.
REGINA - Regardless of the outcome of any potential takeover battle for Viterra Inc., chief executive Mayo Schmidt will be well looked after.
Schmidt, who made $5.1 million in salary and bonuses last year, will be paid $13.1 million in ``cash severance,'' if he is terminated without cause within 12 months of any takeover, according to the company's management information circular.
Known as ``change in control (CIC)'' provisions. Schmidt's compensation package provides for separation payments of base salary, plus performance bonuses, stock options and other benefits in the event of the takeover of the company.
The information circular, which was issued to shareholders at the company's annual meeting in Calgary last week, outlines the payments Schmidt is entitled to under the CIC provisions: $3.4 million in base salary, $3.66 million in short-term incentives, and $6 million in share units, for a total of $13.1 million.
That doesn't include $545,000 in stock options and $50,000 for ``outplacement and relocation'' costs.
Under Schmidt's guidance, ``Viterra has transitioned from a company that was once largely a handler and marketer of western Canadian grain to a global agri-business,'' the circular said.
As chief executive of Saskatchewan Wheat Pool, Schmidt headed the company's acquisition of Agricore United for $1.8 billion in 2007 and led the acquisition of Australia's ABB Grain Ltd. for $1.4 billion in 2009.
``Under Mr. Schmidt's leadership, Viterra has been recognized by Canadian Business Magazine as one of the 50 most important companies in Canada's history. The magazine also honoured Mr. Schmidt as the Chief Executive of the Year in 2009.''
Schmidt is one of five senior Viterra executives entitled to C.I.C. payments, including Fran Malecha, chief operating officer ($4.5 million); Rex McLennan, chief financial officer ($3.5 million); Don Chapman, senior vice-president, international grain ($2.5 million); and Robert Gordon, president, South East Asia ($2.1 million).
Regina Leader-Post
So if Mayo loses his job because he is trying to sell the company, he is paid a bonus. Nice clause. He is putting himself out of a job. I would say that is cause enough to not pay him a bonus. So if I sell the farm, I can ask for an outrageous bonus if the new owners don't keep me around. Sheesh.
Also quotes Canadian Business Magazine as viterra as "the 50 most important companies in Canada's history" and yet Wall says there is no case for keeping it Canadian.
Comment