February 21, 2008 3:34 PM

The high costs of relocating

Molson Coors brought Peter Swinburn over from its U.K. operations to be the new CEO of Coors Brewing. At a cost.

The company says its board's compensation committee has approved a few things to compensate him for his move across the pond:

* An increase in his salary to $735,000. In 2006, the latest figure available, Swinburn made $613,018 (the American equivalent of his British pay, converted by Molson Coors at the rate of 1.842 dollars per British pound.)

* Reimbursement of expenses attributable to his relocation to the US

* "Housing assistance" valued by the company at approximately $665,000;

* A grant of 10,000 restricted stock units, to be granted on March 3, which will vest on the third anniversary of the date of grant;

* A monthly car allowance of $1,000; and

* 4 trips to the UK annually (5, the company said, for his spouse).

Now, you can't do all this for the head of the U.S. business - which, by the way, is slated to disappear later this year with the merger of Coors Brewing and Miller Brewing - without taking care of the Canada chief. After all, Canada is the company's most profitable market.

So, Kevin Boyce, you now have 11,000 shares of restricted stock vesting on the second anniversary of the grant.

Also:

* A "one-time country/golf club initiation fee" which Molson Coors says will be "in an amount not to exceed 15% of his current base salary." In 2006, the latest figure available, Boyce made $592,901 (the American equivalent of his Canadian pay, converted by Molson Coors at the rate of 86.6 cents per Canadian dollar.)

* Five weeks of vacation per year

Posted by David Milstead at 3:34 PM | Comments (0)