Advertise with

Heineken chief gets €4m bonus
Heineken chief gets €4m bonus

Heineken chief gets €4m bonus

LIQUOR NEWS - Mar 13th, 10:33

Heineken, the world's biggest brewer, more than doubled chief executive Jean-Francois Van Boxmeer's pay in 2012 as it awarded him one-time share bonuses worth €4m. 

Calculations show Mr Van Boxmeer's total remuneration rose to €8.17m from the previous year's €3.4m, according to the company's annual report.

Mr Van Boxmeer was awarded €2.52m in shares to mark the "landmark event" of the Amsterdam-based beermaker's buyout of Asia Pacific Breweries, its South-East Asian joint venture.

He will also receive €1.5m of shares as a retainment bonus.

Heineken agreed to buy APB last year. The award is subject to approval at the 2013 annual general meeting. Chief financial officer Rene Hooft Graafland also got a €1.3m share reward related to the acquisition.

Brewers including Heineken have been seeking expansion in emerging markets as demand wanes across Europe, stifled by tough economic conditions.

The APB acquisition will increase the company's exposure to markets including Vietnam, and allow further growth of the Heineken brand in the region.

Mr Van Boxmeer's base pay will increase to €1.15m for 2013 from €1.05m in 2012 to bring the company more in line with external peer group pay, it said. 

Related News

Uchumi workers to close shop over pay
31/10/2013 - 08:23
Uchumi supermarkets could grind to a halt next Wednesday if employees make good their threat to down their tools. The Kenya Union of Commercial Food and Allied Workers has issued a strike notice dated October 9 to pressurise the supermarket chain's management to meet workers' demands for higher pay.

Manufacturers’ sentiment index jumps to 36,61 in third quarter, Namibia
23/10/2013 - 10:12
The manufacturers’ sentiment index jumped to 36,61 in the third quarter of this year from the -14,89 recorded at the end of the previous quarter, Simonis Storm Securities (SSS) said in a report released earlier this month.

Shoprite operating normally, license intact - minister, Zambia
22/10/2013 - 09:30
Minister of Labour and Social Security, Fackson Shamenda, says Shoprite is operating normally and its operating licence is still in force.

UNZA shopping mall to cost K248m. Zambia
22/10/2013 - 09:06
The construction of a shopping mall to be the property of the University of Zambia (UNZA) Great East Road campus will cost K248 million.

Role of venture capital in Namibian economic growth
22/10/2013 - 08:06
The Namibian Government is injecting huge stimulus into the Namibian economy in order to accelerate the growth of local enterprises. The recent promulgation of the amended Regulation 28 and 29 of the Pension Funds Act has the potential to unlock capital and channel its flow towards entrepreneurial businesses.