For the rest of his life, Fabien Simon, the new CEO of JDE Peet’s, has free coffee and tea. For the 10 million euros he receives, the now 49-year-old Frenchman can spend the rest of his life about 780 euros per day.
The 10 million that Simon receives will be invested in shares of JDE Peet’s. Later, a share package worth 13 million euros will be added.
Doubling after 5 years
The 10 million signing money will be doubled again after five years, so that the free share package for Simon will have grown to 33 million euros.
In the meantime, the price of JDE Peet’s, which has been listed on the Amsterdam stock exchange since last year, can of course also rise.
‘Signing bonus too high’
According to the VEB (Vereniging van Effectenbezitters), Simon’s signing bonus is many times higher than what other new CEOs of Dutch companies received before. Number two on the list with the highest signing bonuses ever in the Netherlands is Lard Friese, who switched from NN to Aegon last year. Frisian received 1.25 million euros.
Shareholders still have to agree to the appointment of Simon and his remuneration package at the special shareholders’ meeting next Wednesday. Major shareholders JAB (over 60 percent of the shares) and Mondelez (23 percent) have already agreed.
Simon gets the high signing bonus because, according to JDE Peet’s, he misses out on rewards at his previous employer, competitor JAB. However, the VEB thinks this is a bad signal.
“After all, those previous rewards were not paid out for a reason. The director did not comply with agreements made in advance, for example by leaving prematurely,” said the VEB.
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