Chiquita Ex CEO Departs with $12 Million
Charlotte, NC
By Eric Anderson
4.15.13
Chiquita Brands International’s ex-CEO Fernando Aguirre departed from the company with nearly $ 5.7 million in resignation-related payments through the end of last year, bringing his total 2012 pay to roughly $12 million, as reported by the Charlotte Observer.
After a majority of shareholders expressed disapproval of Aguirre’s compensation last year, the company said it has overhauled its executive pay practices.
Aguirre’s final pay figure includes a $4.7 million cash payment that was disclosed in October.
He received an additional half-million dollars in consulting fees, plus payments for unused vacation time and the vesting of tens of thousands of shares of stock.
Aguirre also received $251,344 in relocation expenses despite leaving the company just months after Chiquita finished its headquarters move from Cincinnati to Charlotte with $22 million in government incentives.
As shareholders voted against Aguirre’s pay package last May, the company outlined filing changes it has since made to its executive pay program.
“We made substantial changes to our compensation policies and practices that reflect the views and advice of many major shareholders, and the review and design assistance of the Committee’s independent compensation consultant,” Chiquita said in its securities filing.
Chiquita said it changed the pool of companies with which it compares the CEO’s pay. It eliminated companies bigger than twice Chiquita’s revenue. Larger companies typically pay their executives more, so including such companies can result in higher pay.
