Pittsburgh Tuesday takes
Cut, cut, cut?: A source close to incoming Heinz CEO Bernardo Hees says he'll “be aggressive, move fast and cut deep” when he takes the reins of the newly privatized food conglomerate. And it's easy to see why — the $23 billion takeover leaves Heinz with a whopping debt, “about 10 times its annual $2 billion in earnings before interest,” reminds the New York Post.
Johnson's payday: If current Heinz boss Bill Johnson indeed leaves the company, he'll be paid about $212 million. It's considered one of the largest deals since IBM CEO Sam Palmisano took his leave last year. About $57 million of Mr. Johnson's parting gift is considered a “golden parachute” — money paid if he's replaced. That's a lot of ketchup.
Harper's payday: Disgraced former Pittsburgh police Chief Nate Harper, who's expected to plead guilty to federal corruption charges, walked away with nearly $100,000 in accrued vacation and sick pay (in addition to longevity pay) when he was forced from his position. And it's all perfectly legal for Mr. Harper to do so. Don't try this in the private sector. Actually, you likely couldn't, where “use it or lose it” is the growing standard.
A rare birth: The last time it's believed to have happened, the United States still was a fledgling republic, Pittsburgh was known as the birthplace of the steamboat and “steel” was a foreign word. For the first time in 200 or so years, a bald eagle has been born within the city limits, in Hays. And that's a testament to the city's ecological health.
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