This Bud’s for you…

March 17, 2005

When Anheuser Busch (BUD) announced last June that Chief Legal Officer Stephen Lambright would be stepping down at the end of November, they noted that he would continue to consult with the company on legal and government affairs issues. But the release didn’t note how long Lambright would continue to consult, nor how much he would be paid. That was buried in exhibit 10-17 in the company’s recent K. For the next three years, Lambright will receive $51,250 a month as a consultant — that’s $615,000 a year, or roughly 8% more than he was making when he was a full-time employee. Yet, the contract specifically states that the company does not expect Lambright to provide legal counsel and that if it does, the company will reimburse Lambright — who’s now of counsel at the St. Louis law firm of Williams, Venker and Sander — for legal liability insurance. The company will also continue to pay for Lambright’s memberships at two country clubs and two social clubs, a car, financial planning, office equipment, insurance and, of course, free beer, or as it’s described in the K, “complimentary beer service”

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