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Former Monsanto CEO sues over bonus pay

By: Aldo Santin

Posted: 04/13/2012 1:00 AM

THE former boss of Monsanto Canada is suing the Winnipeg-based firm for a bonus payment he claims he was owed when he left the firm last year.

Derek Penner said he was short-changed on a bonus payment when he resigned his post as CEO last fall.

Penner is suing for $92,000, which he alleges is the outstanding amount on his bonus payment, plus special damages.

The allegations have not been proven in court. A statement of defence has not been filed.

Monsanto Canada spokeswoman Trish Jordan said the company's policy is not to comment on matters before the courts but added Monsanto will rigorously defend the claim. Penner did not return calls from the Free Press.

Penner's statement of claim, filed in the Court of Queen's Bench, alleges according to the terms of his contract when he joined Monsanto, he was entitled to an annual bonus payment if he met the targets set out for him.

In 2002, Penner became chief financial officer of Monsanto Canada, then moved to director of strategy and product management for parent company Monsanto International before becoming CEO of Monsanto Canada.

Penner said he gave written notice of his resignation June 6, 2011, to be effective Sept. 2. He said he worked until his last day and calculated for the 2010-11 financial year he was entitled to a bonus payment of $121,000.

Penner states Monsanto paid him a bonus of $29,000.

Penner is now CEO of The Winning Combination, a Winnipeg-based contract manufacturer of natural health products and nutritional supplements.

aldo.santin@freepress.mb.ca

Republished from the Winnipeg Free Press print edition April 13, 2012 B2