Friday, May 31, 2013

Motivation Plus: Smithfield Bosses to Get $85.4 Million From Chinese Deal

How much more do you need to know?  In spite of what they claim, if the Chinese decide to poison the American pork consumers, these bosses won't give a crap.   From Bloomberg: Smithfield Foods execs, who run one of the worst-performing large U.S. food makers over the past five years, are set to reap at least $85.4 million from its sale to China’s Shuanghui International Holdings Ltd. The company has been under pressure from its biggest shareholder for lagging behind competitors Hormel Foods Corp. and Tyson Foods Inc. Continental Grain Co., which has a 6.8 percent stake, said in March that Smithfield should appoint new managers and break itself into three businesses as rising animal-feed costs made its hog-production unit unprofitable.

The total payout is based on the stock and share options held by Smithfield’s five top executives, according to data compiled by Bloomberg. Among the managers, CEO C. Larry Pope owns stock valued at $25.4 million based on the $34-per-share offer price, according a May 17 filing…

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