By Cliff Peale
The Cincinnati Enquirer

Reflecting its confidence that a solid 2003 would help complete its turnaround, Chiquita Brands International Inc. paid $17 million in bonuses to about 2,500 employees worldwide last year.

A proxy statement filed Tuesday showed a $1.72 million bonus to Cyrus Freidheim, who resigned as chief executive officer in January and will retire from the board in May.

Chiquita did not pay performance-based bonuses to top executives in 2002, when it was emerging from Chapter 11 bankruptcy and changing top management.

The banana marketer earned $99 million in 2003 on sales of $2.6 billion. Investors have badgered the company's management for a stock dividend and more guidance on future earnings.

But it also cut its debt by $122 million, increased productivity on its banana farms and launched a line of fresh-cut fruit in the Midwest.

The company's stock price responded, starting the year about $14 per share and increasing nearly two-thirds to about $23 per share.

"Why did we pay bonuses? Because we had an excellent year," spokesman Mike Mitchell said.

Other top executives' bonuses included $745,600 to Chiquita Fresh unit president Bob Kistinger, $406,000 to general counsel Bob Olson, $346,501 to chief financial officer Jim Riley, and $304,500 to senior vice president for strategy and new business Jill Albrinck.

E-mail cpeale@enquirer.com