Friday, August 20, 2010

Potash (POT) CEO Set to Receive Nearly Half a Billion if Buyout by BHP Billiton (BHP) Goes Through

It's good to be a CEO of a public corporation.  A nearly half a billion golden parachute on top of compensation for the previous 10 years.... that's the type of wealth that can take care of about 5-7 generations after you kick the bucket.

Via Bloomberg:

  • Potash Corp. of Saskatchewan Inc. Chief Executive Officer Bill Doyle stands to receive $445.4 million for his stock and options if BHP Billiton Ltd. succeeds with its hostile takeover offer.
  • Doyle, 60, held 3.43 million shares and options as of Feb. 19, according to a company filing. The CEO would also get termination payments should he leave following a change in the company’s control. If that had happened on the last business day of 2009, he would have received a $28.1 million payment, the filing shows.
  • I think we can safely say the payout would be the biggest we’ve ever seen,” Paul Hodgson, a Portland, Maine-based senior research associate at The Corporate Library, an independent research firm. “There have been some substantial payouts, but most are much smaller.”
  • Former Exxon Mobil Corp. CEO Lee Raymond got a $351 million payout, the biggest to date, when he stepped down in 2005, according to figures compiled by The Corporate Library, which rates companies based on corporate governance and executive pay. Ex-Pfizer Inc. CEO Hank McKinnell’s payout was the second- highest at $213 million after he was forced out in 2006, the data show.
  • Doyle, a graduate of Georgetown University in Washington D.C., became CEO in 1999 after 12 years in other management roles at the company, according to Potash Corp.’s website.
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