Another sweet farewell at Kellogg…

January 7, 2011

Over in the United Kingdom, Kellogg’s (K) sells a cereal called Just Right, a “harmony of wholewheat, corn and rice flakes packed with succulent raisins, juicy dates and sliced almonds,” according to the cereal giant’s website. It could also refer to the parting gift provided to Tim Mosby, the company’s departing European chairman — at least from Mosby’s perspective.

Mosby retired December 31 after 28 years at the food conglomerate, and the company just can’t let him go altogether, judging from the 8-K it filed Thursday morning: It is retaining him for 18 months more as a consultant — at a daily rate of È3,430 a day. That’s the equivalent of $4,456.60 on this side of the pond. And since the consulting agreement explicitly specifies a 7.5-hour day, it works out to $594 an hour.

But unlike some consulting gigs we’ve written about, this one has limits. For example, Kellogg won’t spend more than È1.1 million over the 18-month term of the arrangement, which works out to less than full time for Mosby, at least at his hourly rate. We’re sure he’ll get over it.

The deal isn’t quite as juicy as the last Kellogg consulting contract we footnoted, with retiring CEO David Mackay back in early December. He snagged $50,000 a month, or $1,538 an hour assuming the same 7.5-hour week. But his contract only lasted a few months.

We wish Mosby a gr-r-reat! retirement. And we’d like to ask a favor of Kellogg: Cheez-It with the retirement consulting arrangements already, OK? We’re running out of Kellogg snack-food and cereal puns.

Image source: Kellogg website

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