Management & Strategy
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ICA’s former CEO may be paid Skr14 million in final salary
Tuesday, 20 March 2012
ICA Group's outgoing CEO Kenneth Bengtsson, who is also chairman of the Confederation of Swedish Enterprise, was last year paid total compensation of Skr30 million, compared with Skr14 million the year before.
The amount includes a "final salary" of Skr14 million to Bengtsson, whose service was terminated May 31. "Final salary includes, among other things, compensation for competition clause, which runs through 2014,”according to ICA’s annual report.
"This means that Kenneth could not work in businesses that compete with Ica in that period, "says Staffan Ekengren, Press Officer of Ica, about the non-compete clause.
Bengtsson's compensation includes also bonus salary of Skr7 million, unchanged from the year before.
The annual report is also that the Board of ICA AB, "considered the succession process." But this should, according Ekengren, mot meant that that Kenneth Bengtsson will not go into voluntary retirement: "It's Kenneth himself who chose to quit. "
Bengtsson has been CEO of the ICA Group for eleven years and is succeeded by Per Strömberg, coming from the managing directorship of Lantmännen.
By Scancomark.se Team
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