Former Heinz boss in $110m payday as layoffs continue (BBC)

[eppur_se_muova]

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]

1. If you company is part of a holding company, you are screwed

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]

2. Another Day in the Lives of the 1%

[Hassin Bin Sober]

3. I don't have my glasses on. Maybe I'm reading it wrong.

But does it say the CEO took home $30 million more than the company lost?

[hvn_nbr_2]

4. Net loss $71.7M. CEO pay $110.5M. I know a short quick way to profit. nt

[Kablooie]

5. It's all about draining as much cash from a company as possible.

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]

6. Shareholders should allege theft

I sure would if I were a shareholder in Heinz.