Heineken More Than Doubles CEO Remuneration With BonusClementine Fletcher
Heineken NV, the world’s third-biggest brewer, more than doubled Chief Executive Officer Jean-Francois Van Boxmeer’s remuneration in 2012 as it awarded him one-time share bonuses worth 4 million euros ($5.2 million).
Van Boxmeer’s total remuneration rose to 8.17 million euros, Bloomberg calculations show, from the previous year’s 3.4 million euros, according to the company’s annual report.
Van Boxmeer was awarded 2.52 million euros in shares to mark the “landmark event” of the Amsterdam-based beermaker’s buyout of Asia Pacific Breweries Ltd., its South-East Asian joint venture. He will also receive 1.5 million euros of shares, set to vest in two years, as a retainment bonus. The stock must be held for three years after vesting in the event of resignation during that period.
Heineken agreed to buy APB last year for S$5.6 billion ($4.5 billion). The award is subject to approval at the 2013 annual general meeting. Chief Financial Officer Rene Hooft Graafland also got a 1.3 million-euro 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.
Van Boxmeer’s base pay will increase to 1.15 million euros for 2013 from 1.05 million euros in 2012 to bring the company more in line with external peer group pay, it said.