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.