Ending considerable speculation amongst its members, the Ocean Spray cranberry and grapefruit growers cooperative has announced that it has paid Rob Hawthorne, its the former chief executive, a severance package worth US$5.3m.
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Hawthorne resigned in November after three years, but details of his severance had not been revealed until now.
The details of the package were made in the company’s annual report, following a considerable level of debate amongst the group’s growers, who have struggled recently with a weak market for cranberries.
An Ocean Spray spokesman called the package “commensurate with what such packages are for CEOs.”
Board chairman Ben Gilmore said in the report: “Given the recent discussion around Rob Hawthorne’s severance, I wanted to call your attention to page 19 of the financials, where it is noted that his total severance package, based on an agreement reached when he joined the company in January 2000, is $5.3 million,”
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By GlobalDataThe package included cash and other benefits, such as insurance. For accounting purposes it would all be booked this fiscal year, but payments will be spread out over time.
