Big Payday for Fired Cott CEO

(MoneyWatch)  For a chief executive who just finished presiding over a breathtaking corporate downfall, Brent Willis, the recently ousted CEO of Canadian soft-drink maker Cott, is taking home a nice chunk of money.

The company filed documents with the Securities and Exchange Commission revealing that Mr. Willis will go home with nearly $3.5 million. As per his employment agreement, that includes twice his annual base salary and an annual bonus for 2007, a month's pay in lieu of notice of termination, proceeds from stock options, a buyout of his medical benefits, and even a pro-rated bonus for 2008.

Late last month, Cott fired Mr. Willis and appointed a board member, David Gibbons, as interim CEO. The company cited "the business climate and the stock price" as reasons for Mr. Willis' ouster, according to the Financial Post. In February, the stock fell nearly 60 percent in two days after the company said that Wal-Mart, Cott's biggest customer, would be reducing the shelf space it gave to the company's carbonated soft drinks.

Cott is reportedly negotiating with Wal-Mart over how much shelf space it will lose. Last week, Invesco, a major mutual fund operator, announced that it had reduced its stake in the company from more than 11 percent to less than 5 percent.