Robert Morrison, chairman and CEO of Quaker Oats, could well find himself at the receiving end of a US$19.25m cheque, and at least 600,000 common PepsiCo shares, if the latter’s US$13.8bn buyout of Quaker is approved.
Shareholder and antitrust officials at both companies have yet to OK the deal, which will see Morrison become PepsiCo vice-chairman and Quaker’s chairman, president and CEO with an annual base salary of US$1,107,750 upwards.
A registration statement, filed with the Securities and Exchange Commission this week, revealed that Morrison’s huge personal payout is the equivalent to that which he is entitled to under existing agreements with Quaker.
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