Retiring Execs get Nearly $100 Million in Pensions

1 decade 4 months 1 week ago December 16, 2006 Dec 16, 2006 Saturday, December 16 2006 Saturday, December 16, 2006 5:42:04 PM CST in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
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ST. LOUIS - Anheuser-Busch is paying nearly $100 million to two recently retired executives. According to a report filed by the brewer Friday, August Busch III, who retired last month as the company's chairman, and Patrick Stokes, who retired as chief executive, will take their pensions as lump sums rather than monthly benefits. Busch is 68 and the great-grandson of the brewery's founder. He received a $47 million lump-sum payment of his pension and $27 million in deferred compensation. He spent 49 years at Anheuser-Busch. Stokes is 64. He spent 38 years with the company, and received a $32 million lump sum and about $2.5 million in deferred compensation.

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