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Dow, DuPont CEOs to get $80 mln in "golden parachute" payouts

Published 2016-03-03, 10:09 a/m
© Reuters. Dow, DuPont CEOs to get $80 mln in "golden parachute" payouts
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March 3 (Reuters) - DowDuPont, the entity to be created by
the merger of DuPont (NYSE:DD) DD.N with Dow Chemical (NYSE:DOW) Co DOW.N , said
the chief executives of the two companies would get a combined
$80 million in "golden parachute" payments after DowDuPont
splits into three.
"Golden parachute" payments are contracts that give a top
executive substantial benefits if the company is taken over and
their employment is terminated as a result.
Dow CEO Andrew Liveris will get $52.8 million in cash, stock
and other payments, while DuPont CEO Edward Breen will get $27.2
million, DowDuPont said in a regulatory filing.
Liveris, who orchestrated the merger that was valued at $130
billion when unveiled in December, has said he planned to retire
by the second half of next year.
DowDuPont plans to break up into three separate businesses
-agriculture, material sciences and specialty products - after
the merger of Dow and DuPont closes, which is expected in the
second half of this year.
The two chemical companies held numerous talks, initiated by
Dow, over the years, and DuPont's former CEO, Ellen Kullman, and
Liveris began talks of a potential "merger of equals" in May,
DowDuPont said in the filing.
The news of Liveris's retirement was seen as a victory for
Daniel Loeb, the head of New York hedge fund Third Point, which
has a 2 percent stake in Dow. Loeb had been questioning Dow's
leadership since 2014, amid slumping share prices.

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