Big Payday Ahead for Quaker Oats CEO

Quaker Oats Co. Chief Executive Robert Morrison will get a payment of about $19.3 million if he stays at least 18 months after PepsiCo Inc. completes its planned purchase. The payment is in addition to his $1.11-million annual salary. Morrison agreed to remain Quaker Oats’ chairman, president and CEO after the acquisition. He also will become co-vice chairman of PepsiCo with Roger Enrico, the soft-drink maker’s current chairman and CEO. Enrico plans to retire and be succeeded by President and Chief Operating Officer Steven Reinemund. Shares of Purchase, N.Y.-based PepsiCo fell 6 cents to $46.06. Chicago-based Quaker Oats, which also makes Gatorade sports drinks, Life cereal and Aunt Jemima pancake mix and syrup, closed off 31 cents at $95.63 on the NYSE.