Me and my RC…

March 29, 2007

rc.jpegLast year, beverage maker Cott (COT), which makes RC Cola, announced an extensive amount of executive-suite house-cleaning including new CEO Brent Willis, who had been a former top executive at InBev as well as new “chief people officer” Abilio Gonzalez, who had been Microsoft’s (MSFT) general manager for human resources.

The changes haven’t done all that much for Cott’s investors, at least so far. But judging by the proxy that the company filed this week, managers haven’t felt too much of the pain. That’s because CEO Willis received a $945K signing bonus, $3.1 million in an equity award, another $1.5 million under the company’s Performance Share Program, and $1.39 million in cash that Willis was to use to purchase shares of the company. In fairness, most of this was disclosed in the 8-K the company filed back on May 18. But not that additional $1.39 million “cash payment”.

The proxy also disclosed that Gonzalez, who presumably lived in Greater Seattle, had received $157K “to offset the loss” on the sale of his home. As I wrote for Slate last year, when this latest perk first began surfacing, there’s something a tad bit disingenuous about reimbursing top executives for what are essentially market forces.

Also: courtesy of The Deal comes this interesting filing from Take-Two Interactive (TTWO), a company that has been something of a frequent footnoted.org flyer. Guess it’s kind of hard to be subtle when you’re on the way out the door.

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