Lorillard CEO to get $44M after Reynolds merger
RICHMOND, Va. (AP) — Regulatory filings show the CEO of Newport cigarette maker Lorillard Inc. is set to receive more than $44 million following the planned $25 billion merger with Reynolds American Inc.
According to a filing with the Securities and Exchange Commission late Friday, Murray Kessler is one of several Lorillard executives to receive "golden parachute" compensation if they're terminated after the deal closes.
Kessler also is set to get a seat on Reynolds' board, which will come with additional compensation.
Reynolds announced the deal in July to combine two of the nation's oldest and biggest tobacco companies, creating a formidable No. 2 to rival Altria Group Inc., owner of Philip Morris USA.
Together the company would market Camel, Newport, Pall Mall and Natural American Spirit cigarettes, as well as Vuse-brand electronic cigarettes.