Members of the Swartz family, who control about 73.5% of the Timberland Company via family shareholders, their trusts and a foundation, will receive large payments from the sale of their company to the V.F. Corporation,
the business blog Footnoted.com reported.
Citing Timberland’s DEFM 14C merger proxy, Footnoted.com reported that Jeffrey B. Swartz, who has been president and CEO for 13 years, will get an estimated payout of more than $37.24 million, including payment for his equity interests, “golden parachute” compensation, perks and a gross-up worth more than $10.36 million for payment of taxes.
Chairman Sidney Swartz will receive more than $214 million from the sale of his Class A and B stock holdings, and the Swartz Foundation will receive nearly $110 million, according to Footnoted.com.
Nathan Swartz bought half of what was then called the Abington Shoe Company in 1952; the name was eventually changed to Timberland. (Source: Footnoted.com, Aug. 30, 2011.)
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