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Company: Kraft Foods

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Kraft bonuses: $10million amid layoffs

Date Class
8th Mar 2004 Questionable Business Practice
CHICAGO (Reuters) - Food maker has to lay off 6,000 workers and close 20 plants, but execs still got paid big bonuses.

Bonuses totaling more than $10 million were paid out to five Kraft Foods Inc. executives at the end of 2003, even as the giant food maker made plans to lay off thousands of workers.

In its annual proxy statement released on Friday, Kraft said the biggest payout, a $3.7-million bonus, was made to chief executive Roger Deromedi.

Former co-CEO Betsy Holden got $3.5 million, sweetening her demotion to global marketing chief in December.

Other payments were $1.3 million for North American President David Johnson, $900,000 for international boss Hugh Roberts and $1.2 million for global supply chain Executive Vice President Franz-Josef Vogelsang.

In January, Chicago-based Kraft said it would cut about 6,000 jobs and close 20 plants as it tried to restore growth.




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