Dole CEO, Ex-President Told to Pay $148 Million Over Buyout

Dole Food Co. Chief Executive Officer David Murdock and a former executive of the fresh-fruit producer were ordered to pay $148.1 million over allegations they drove down the value of the company so Murdock could take it private on the cheap in a $1.2 billion deal.

Murdock received an “improper personal benefit” from the deal, in which he paid $13.50 a share to regain control of one of the world’s largest sellers of fresh fruit and vegetables, Delaware Chancery Court Judge Travis Laster ruled Thursday. The judge also found Michael Carter, Dole’s ex-president and chief counsel, should be held personally liable for investors losses on the buyout.