Kellogg CEO to Get Parting Gift in Pension
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Kellogg Co. is giving outgoing Chief Executive Carlos Gutierrez, who is leaving to head the Commerce Department, a parting gift that will be worth millions of dollars over his lifetime.
Starting in 2009, Gutierrez, 51, will pocket annual pension payments from Kellogg of about $1.3 million, Kellogg spokesman Simon Burton said.
That’s more than double the $500,000 per year that Gutierrez would have received if Kellogg’s board hadn’t tinkered with the pension terms to reward Gutierrez for his “extraordinary service” at Kellogg, Burton said.
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