Heinz former CEO William Johnson receives $110 million for final 8 months of 2013

Heinz former CEO, chairman and president William Johnson received $110.5 million for the final eight months of 2013, the food company disclosed in a filing to US regulators.

Heinz current boss Bernardo Hees, who joined the company in June, received $9.2 million.

Bernardo Hees has cut more than 3,400 positions and closed factories in an effort to boost profits.

Heinz former CEO William Johnson received $110.5 million for the final eight months of 2013

Heinz was bought by Warren Buffett’s Berkshire Hathaway and 3G Capital for $28 billion in February 2013.

The company, whose products include ketchup, baked beans, and a variety of frozen meals, reported a net loss of $71.7 million from February to December 2013.

Heinz announced the closure of three US plants in November and two European processing plants in February this year.

Nonetheless, Warren Buffett recently said in an annual report to Berkshire Hathaway’s shareholders that he expected 2014 earnings at the firm to be “substantial”.