Owens-Illinois Inc. will pay more than $10 million in cash and stock to its outgoing and incoming chief executive officers as part of an upcoming changein-command, the company said in a securities filing yesterday.
Steven McCracken, who is leaving tomorrow for health and family reasons, will receive a lump sum payment of $4.5 million, another $3.5 million under the company s supplemental retirement benefit plan, and a bonus payment of at least $618,750 for 2006, according to the filing with the U.S. Securities and Exchange
Albert P.L. Stroucken, who will take over Dec. 4, will receive stock and stock options worth $3.8 million to replace compensation and benefits he forfeited when he left his former employer.
He is also to receive stock options and restricted stock potentially worth additional millions.
He is to be paid $950,00 annually as well as an annual bonus of up to $1.4 million, depending on the company s performance.
Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Comments that violate these standards, or our privacy statement or visitor's agreement, are subject to being removed and commenters are subject to being banned. To post comments, you must be a registered user on toledoblade.com. To find out more, please visit the FAQ.