• Text size      
  • Send this article to a friend
  • Print this article

Beam boss is in line for £24m of payments

THE chief executive of Beam Inc is in line to receive more than $40.1 million (£24m) from stock options, performance awards and shares if the company's tie-up with Suntory goes ahead.

A filing to the US Securities and Exchange Commission yesterday showed executives could share up to $109m between them.

Matthew Shattock, who also has the title of president, is the largest beneficiary with a range of stock options, which are worth close to $29.5m, greater than the total sum of any other individual.

In addition Mr Shattock already holds around $6.6m of Beam stock and would stand to get a further $4m through performance related awards.

Beam's chief financial officer Robert Probst may receive $13.9m while North America president William Newlands is on course to get $8.47m.

The Form 8-K filing also states that Mr Shattock could receive more than $8.5m in cash, by the way of a parachute payment that would be triggered if he was made redundant within two years of the $16 billion deal - which is expected to formally close by the end of April - completing.

According to the document, Mr Newlands and Mr Probst would receive around $2.6m under the same parachute plan.

Beam owns the Scotch whisky brands Ardmore, Laphroaig and Teacher's along with the Jim Beam bourbon and Courvoisier brandy.

Japan's Suntory has a whisky portfolio from its home country but also owns Morrison Bowmore, the maker of the Auchentoshan, Bowmore and Glen Garioch malts.

Contextual targeting label: 
Finance

Commenting & Moderation

We moderate all comments on HeraldScotland on either a pre-moderated or post-moderated basis.
If you're a relatively new user then your comments will be reviewed before publication and if we know you well and trust you then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.

216833