Timothy P. Smucker has given up his title as co-CEO of the J.M. Smucker Company. The move was first announced in March,
according to the business blog Footnoted.com.
Smucker will remain as chairman of the board, a position he’s held since 1987, the report said. His brother, Richard, will be the sole holder of the CEO title.
Citing an 8-K filed by the company, Footnoted.com reported that Timothy Smucker’s salary will be reduced from $853,000 to $600,000, and there will be a “proportionate reduction” in his long- and short-term incentives.
The blog also noted that Timothy Smucker, 67, will receive about $11.4 million under the company’s Top Management Supplement Retirement Plan (SERP) three years after his retirement or upon reaching age 70.
His son, Mark T. Smucker, became president of the company’s U.S. retail coffee division on May 1. (Source: Footnoted.com, Aug. 22, 2011.)
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