CEO Lynch to Stay with Winn-Dixie through 2010
JACKSONVILLE, Fla. - Industry veteran Peter Lynch has agreed to stay on with Winn-Dixie Stores, Inc. until June 30, 2010, according to a filing yesterday with the U.S. Securities and Exchange Commission.
Lynch's new contractual agreement, which he worked out with the company, and its creditors' committee, establishes a $1.25 million base salary, plus multiple bonuses. Lynch will continue to serve as Winn-Dixie's president and c.e.o., and will also serve as the chairman of the board.
Under the contract, he will receive an annual base salary of $1.25 million, plus full benefits. For each fiscal year ending during the term of employment, he is eligible to receive a bonus equal to 100 percent of his base salary if the company meets its target performance objectives.
Winn-Dixie has agreed to pay Lynch an additional bonus for fiscal year 2007 in an amount equal to $2 million, less all applicable withholding taxes, promptly following the restructuring date.
Winn-Dixie's plan to emerge from bankruptcy was approved on Nov. 8. At that time, the retailer said it expected to emerge from Chapter 11 within 30 days.
Lynch's new contractual agreement, which he worked out with the company, and its creditors' committee, establishes a $1.25 million base salary, plus multiple bonuses. Lynch will continue to serve as Winn-Dixie's president and c.e.o., and will also serve as the chairman of the board.
Under the contract, he will receive an annual base salary of $1.25 million, plus full benefits. For each fiscal year ending during the term of employment, he is eligible to receive a bonus equal to 100 percent of his base salary if the company meets its target performance objectives.
Winn-Dixie has agreed to pay Lynch an additional bonus for fiscal year 2007 in an amount equal to $2 million, less all applicable withholding taxes, promptly following the restructuring date.
Winn-Dixie's plan to emerge from bankruptcy was approved on Nov. 8. At that time, the retailer said it expected to emerge from Chapter 11 within 30 days.