Former Heinz boss in $110m payday as layoffs continue

Heinz ketchup bottles Image copyright Getty Images
Image caption Current boss Bernardo Hees has laid off more than 3,400 workers and closed several factories

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.

It announced the closure of three US plants in November and two European processing plants in February this year.

Nonetheless, Mr Buffett recently said in an annual report to Berkshire Hathaway's shareholders that he expected 2014 earnings at the firm to be "substantial".

He also said the acquisition could serve as a model for future buys.

"With the Heinz purchase we created a partnership template that may be used by Berkshire in future acquisitions of size," he wrote.

More on this story

Related Internet links

The BBC is not responsible for the content of external Internet sites