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Despite Chiquita Loss, CEO Doubles His Pay

April 17th, 2008 @ 2:34 pm

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Tags: Chiquita Brands International Inc., Stock, Grant, Agreement, CEO, Investment, Finance, Dan Mitchell

CHIQUITA-LOGO.jpgChiquita 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.

Dan Mitchell has spent the past 20 years writing and editing for outlets such as the Chicago Tribune, the Minneapolis Star-Tribune, National Public Radio, Business 2.0, and Wired.

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Dan Mitchell

Dan Mitchell has spent the past 20 years writing and editing for newspapers, magazines, and Web publications. Currently, he writes the What's Online column for the Saturday business section of the New York Times. He has also written for the Chicago Tribune, the Minneapolis Star-Tribune, National Public Radio, Business 2.0, and Wired. more »

AboutFood Industry

BNET Food provides daily industry news coverage and insights for managers and executives, focusing on the major companies in the food and beverage sector, from manufacturers to retailers. In addition to detailed company profiles, we bring you critical analysis on new alliances and partnerships, new products, mergers and acquisitions, labor and cost management, investments and deal flow, and a host of other important business issues.

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