- Betsy Holden, who has served for the last 18 months as Kraft Foods’ market chief since being deposed as co-CEO from the job she shared with Roger Deromedi, announced last week that she will leave the company at the end of the month.
According to a statement released by Kraft, Holden will take a 9-12 month sabbatical to spend time with her children, and then is expected to re-enter the workforce with another company.
Crain’s Chicago Business carried a story about Holden’s “golden parachute,” reporting that she “will continue to receive her base salary until June 30, 2007, and continue to be eligible for Kraft medical, dental, long-term disability and life insurance benefits.” In addition, according to Crain’s, Holden will receive 90 percent of six month's base pay as part of a 2005 employee incentive award. She'll get another sum equivalent to 200% of her base pay in lieu of a 2004-2006 long-term incentive plan payment. While Holden will forfeit any unvested performance-based options, she will receive payment in lieu of three year's worth of past restricted stock grants.
And, Crain’s reports, “Kraft will transfer ownership to her of the company car Ms. Holden was using. At her request, Kraft will also pay for executive outplacement services, which will include an office and secretarial support. The food company capped outplacement and professional fees paid to her at $100,000.
Under terms of her separation agreement, Ms. Holden will not eligible to work for any rival food companies in any capacity, nor solicit, either directly or indirectly, Kraft employees to leave the company and work for these companies, which include Kellogg Co., General Mills Inc., ConAgra Foods Inc., Sara Lee Corp. and others.”