Executives and senior employees at Smithfield Foods are in line to pocket nearly $48m of retention bonuses if the largest US pork producer by volume is taken over by China’s Shuanghui International.
Six senior executives will receive nearly $24m if they remain in their positions for three years after the proposed takeover, according to a filing at the Securities and Exchange Commission yesterday. Smithfield said a further $24m of bonuses would also be made available for the retention of an unspecified number of other officers and key employees.
In the filing, Smithfield said the board had approved the retention programme, which would see Larry Pope, chief executive, receive $8.3m in four instalments if he stays in place after the proposed takeover.