Wm Wrigley's chairman, William Wrigley, will receive a cash payout in excess of US$55m following confectionery giant Mars' acquisition of the group.

At the end of April Mars announced that it had struck a deal to buy Wrigley for US$23bn. The chewing gum maker will continue to operate as an independent company and both its chairman, William Wrigley, and CEO, William Perez, will remain with the company.

According to a regulatory filing, William Wrigley will receive: $32.5m for stock options held, $17.8m for long-term grants, $572,000 in restricted shares and a bonus of $4.8m if he remains with the company through completion of the deal.

If William Wrigley's employment is terminated within two years of closing he will be eligible for a severance payment of $22.18m.

Meanwhile, upon closing Perez will receive approximately $36.5m for stock options, long-term grants and a retention bonus. If his employment is terminated within two years he too will be eligible for a considerable severance payment - $25.3m.