Mars Inc.'s $23 billion acquisition of Wm. Wrigley Jr. Co. will produce some big paydays for key execs at the target. Take
Wrigley's dealmaker Peter Hempstead, for example. The senior vice president of worldwide strategy and new business will reap
$15.94 million from the sale of his stock, according to Chicago Business.
Hempstead, responsible for M&A, PMI and competitive intelligence gathering, joined Wrigley in 1999 and also leads its businesses in Western Europe. Before Wrigley he spent 23 years with Procter & Gamble Co., where his assignments included serving as vice president and general manager in China, running operations in Scandinavia and serving as VP of European pharmaceutical operations.
Hempstead (pictured) isn't the only one pulling in a nice sum: Chicago Business reported that CEO William Perez will receive $11.4 million from the sale of stock and that Dushan Petrovich, SVP and CAO, will get $34 million. William Wrigley Jr. will receive $1.36 billion.
Given the nature of the plans for bringing the companies together, the big checks are an interesting wrinkle in the deal. Mars says it wants Wrigley execs to keep running the business, and that it will turn a couple of big nonchocolate products over to them. As we discussed in a recent article on
integrating executive comp, it's sometimes difficult to retain execs who get significant sums as a result of a deal. -
Baz HiralalGo to the story from Crain's Chicago BusinessGo to the Wm. Wrigley-Mars article from TheDeal.comSee the Dealwatch, Confectioners: Mars, Wrigley, Cadbury and Hershey
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Juergen Lasowski
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