Deals
Monsanto Gives CEO Hugh Grant 64% Raise Ahead of Bayer Acquisition
- Seed maker exceeded all performance targets for cash bonuses
- Bayer’s $66 billion takeover would be the industry’s biggest
Photographer: Michael Nagle/Bloomberg
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Monsanto Co., the seed company that agreed to be acquired by Bayer AG, increased Chief Executive Officer Hugh Grant’s pay 64 percent to $19.5 million for fiscal 2017 after he missed out on a cash bonus last year.
Grant, 59, got a $6 million bonus and $11 million of stock awards for the fiscal year ended Aug. 31, along with a $1.7 million salary and other compensation, St. Louis-based Monsanto said Thursday in a regulatory filing. It marks the first time since 2002 that Grant, who’s also chairman, didn’t receive stock options because the Bayer deal prohibits it. The stock awards include $5.65 million of retention compensation in lieu of options.