Kraft Foods (KFT) is paying private-equity executive John Cahill $6 million in total annual compensation to help spearhead the company's planned split into two companies later this year.
Cahill's annual base salary is $750,000 plus restricted stock units and stock options valued at $4.5 million. He'll also get a bonus payment.
His employment contract, part of Kraft's 10-K filing Monday, also includes an annual cash allowance of $125,000. Cahill is further eligible for a yearly $15,000 car allowance.
In early January, Kraft hired Cahill as executive chairman reporting to Kraft CEO Irene Rosenfeld. Kraft is in the process of splitting its snacks and grocery units into two publicly traded companies.
Cahill is also serving as non-executive chairman of Kraft's grocery business. A partner at Ripplewood Holdings, Cahill is a former CEO of Pepsi Bottling Group, and according to FactSet Research, is the chairman of Hostess Brands, which last month filed to reorganize under Chapter 11 bankruptcy laws. Ripplewood owns a large stake in Hostess. Cahill also serves on the boards of Colgate-Palmolive (CL) and Legg Mason (LM).
-Matt Andrejczak; 415-439-6400; AskNewswires@dowjones.com