Names in the News : Dough Rises for Pillsbury’s Ex-CEO

MINNEAPOLIS — Philip L. Smith, departing chief executive officer of the Pillsbury Co., stands to reap nearly $8 million from his five-month stint with the food and restaurant company, it was reported today.

That doesn’t include a pledge Smith, 54, won from Pillsbury this month, guaranteeing the equity in his $1.53-million house, said the Wall Street Journal report gleaned from merger documents and other filings. During Smith’s time at Pillsbury, the company waged an unsuccessful battle against a hostile takeover bid by the British firm Grand Metropolitan.