Former Heineken CEO Jean-François Van Boxmeer received millions of euros in severance pay from the brewer when he left last year. This is evident from Heineken’s annual report. The high departure premium for the Belgian Van Boxmeer deviates from the code that applies to the business community, reports NRC.
Van Boxmeer, who retired as CEO of Heineken in June 2020 after fifteen years, received a total severance bonus of 5.5 million euros, mainly bonuses.
Under the leadership of Van Boxmeer (59), who joined Heineken in 1984, turnover grew from 11 billion euros when he took office in 2005 to more than 28 billion euros in 2019. Due to the corona crisis and the closure of the catering industry, year to see a decline in sales to 23.8 billion euros. Van Boxmeer has been succeeded at Heineken by Dolf van den Brink.
Severance payments and severance pay have been restricted for years at Dutch listed companies. Van Boxmeer’s departure bonus far exceeds the Tabaksblat standard from 2003. This code, drawn up by the Tabaksblat committee, states that a departing director may receive no more than one annual salary.
Deviation from the code is allowed, provided a company explains why. According to Heineken, the agreements with Van Boxmeer date from before 2003.
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