Tuesday, April 30, 2002

Chiquita paid $4M in cash to Warshaw

By Cliff Peale, cpeale@enquirer.com
The Cincinnati Enquirer

        Chiquita Brands International Inc. paid former president and chief executive officer Steve Warshaw $4.025 million in cash when he resigned in March.

        Mr. Warshaw also earned a $700,000 salary, a $705,000 bonus for 2001 and a $420,000 retention payment advancing his 2002 bonus, according to documents filed with the U.S. Securities and Exchange Commission late Monday.

        The cash payment is in addition to an award of 100,000 shares of the new Chiquita stock, worth $17.40 a share after Monday's trading.

        After an eight-year trade battle with the European Union and years of dismal financial results, Chiquita emerged from Chapter 11 bankruptcy in mid-March with new owners and $700 million of debt erased.

        Mr. Warshaw's resignation took effect the same day. He was replaced by Cyrus Freidheim, former vice chairman at Booz Allen Hamilton and a new Chiquita board member.

        Reached Monday night, Mr. Warshaw declined to comment. Chiquita officials confirmed the figure but would not comment.


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