Despite Chiquita Loss, CEO Doubles His Pay
Chiquita Brands International lost $49 million last year, and so CEO Fernando Aguirre got no cash bonus. Nonetheless, he managed to nearly double his total compensation for the year to $5.4 million, according to documents filed this week with the Securities and Exchange Commission.
That comes thanks in part to a new employment agreement he signed in April, which doubled the number of restricted shares he holds. Top executives got no cash bonuses because the company failed to reach net-income goals and benchmarks on revenue from new products. They did, however, get a total of $7.3 million in stock awards. That includes $1.2 million for Aguirre in restricted-share grants held over from 2006, as well as $1.6 million more in grants bestowed in 2007.
Robert Kistinger, who left his position as president of the Chiquita Fresh Group in October, got $3.2 million for the year, including $1.7 million from his retirement agreement.
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