Total Produce executives expect bonuses after Dole merger
It is said that Total Produce’s executive chairman Carl McCann, chief executive Rory Byrne and finance director Frank Davis all stand to receive special bonuses on the completion of a merger of the group with US peer Dole Foods. The merger would create the world’s largest fresh fruit and vegetable supplier with €7.9 billion of sales.
Byrne will become chief executive of Dole plc and Davis will take on the role of chief financial officer, while Dole Foods’ chief operating officer Johan Linden will retain the same title within the merged group.
Total Produce executives eye Dole merger bonuses Allocation of cash and shares to be decided ahead of planned IPO of world’s largest fruit and veg supplier
about 11 hours ago
Total Produce’s executive chairman Carl McCann, chief executive Rory Byrne and finance director Frank Davis stand to receive special bonuses on the completion of a merger of the group with US peer Dole Foods to create the world’s largest fresh fruit and vegetable supplier with $9.7 billion (€7.9 billion) of sales.
Documents published on Wednesday relating to the planned tie-up and US flotation of the combined entity, to be called Dole plc, following an initial public offering (IPO), said it was “contemplated that one-time awards will be granted to our executive directors in connection with the transactions”.
Cork tech company Everseen, which is backed by several high profile Irish business figures, is suing Walmart in the US, alleging the retail giant stole its technology to build a competing product.
Everseen develops technology using artificial intelligence to improve efficiencies at self-service checkouts, such as spotting irregularities like items not scanning.
The company, which is valued at over €100mm sells the technology, called ‘checkout process intelligence’ (CPI), to retailers as a means to reduce theft in stores. Walmart was one of its most high profile customers.
In a lawsuit filed in Arkansas, where Walmart’s corporate headquarters are located, the Cork company alleges that Walmart used confidential and proprietary information about its technology shared during contract review talks to eventually build its own product which operates similarly to Everseen’s.
IN BRIEF: Total Produce Lifts Dividend Ahead Of Dole Food Merger
Thu, 25th Feb 2021 15:01
Total Produce PLC - fresh produce provider - Reports very strong performance in 2020 in the context of the challenges posed by Covid-19 to the global economy. Says total revenue is up 1.7% to EUR6.26 billion. Pretax profit, however, slips 4.0% to EUR73.5 million amid exceptional items. Total Produce declared a 7.5% increase in 2020 final dividend to 2.770 cent per share, giving 3.6829 total dividend, up 5.5%.
On Wednesday last week, the company announced a binding deal with Dole Food Co Inc to combine under a newly created company, Dole PLC. It will be headquartered in Dublin, with its US headquarters in Charlotte, North Carolina. Dole PLC will be listed in New York and delisted from London and Euronext Dublin.