AGM votes against ex-Wessanen boss pay-off

Tuesday 08 September 2009

Shareholders in food group Wessanen on Tuesday voted to tear up a severance package agreed with former CEO Ad Veenhof, the Financieele Dagblad reports.

The company and Veenhof disagree on the size of the pay-off Veenhof should get. He left the company in February.

Under the terms of his contract, Veenhof should get the equivalent of three years' salary, or over €1.5m.

But the company's supervisory board says Veenhof is to blame for his departure and his severance package should be limited to one year's salary. That would be in line with recommendations made by the Frijns committee on corporate governance.

The issue will now be decided by the company court, the FD said.

In June, Wessanen said it had discovered potential irregularities in the financial reports of its US unit, American Beverage Corporation going back to 2006.

© DutchNews.nl

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