Ed Lonergan and other senior Chiquita executives could be in line for huge compensation payouts if they are terminated as part of the Cutrale-Safra takeover of the fresh produce multinational.
According to the Charlotte Observer, CEO Lonergan could pick up as much as US$15.4m in cash and stock payouts if he is let go, while also being entitled to US$1.9m in cash – equal to his base salary and target bonus.
Also benefitting from this so-called golden parachute compensation would be chief operating officer Brian Kocher (US$7.6m in stock and options), chief people officer Kevin Holland (US$6.3m), chief legal officer James Thompson (US$6.2m) and chief financial officer Rick Frier (US$4.8m), the publication reported.
