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.
According to irishtimes.com¸ Total Produce first announced the planned combination in February, saying that Dole plc would be headquartered in Dublin, while being listed in the United States. Dole plc hopes to raise $500 million to $700 million by way of a public flotation in the US, possibly as early as June. The move will see Total Produce de-list from the Euronext Dublin and the London Stock Exchange.