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Business Observer Friday, Nov. 22, 2013 6 years ago

Alico's $4 million consulting deal

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The resignation of Alico CEO JD Alexander on Nov. 6 ends the storied ownership of one of the biggest agribusiness companies in the state.

The resignation of Alico CEO JD Alexander on Nov. 6 ends the storied ownership of one of the biggest agribusiness companies in the state.

In October, New York-based Arlon Group and private investors Remy Trafelet and George Brokaw, operating as 734 Agriculture LLC, agreed to pay $37 per share in cash for 50.5% of Alico controlled by Atlantic Blue Group, the heirs to the fortune of the Ben Hill Griffin citrus family.

The deal, worth $137.8 million, closed Nov. 19.

But while Alexander will no longer be the Fort Myers-based company's chief executive, he won't be straying too far. In a Nov. 12 filing with the Securities and Exchange Commission, Alico says the company will pay Alexander $2 million annually for the next two years as part of a consulting and non-compete agreement.

Alexander, who has served as a Florida state representative and senator until 2012, earned a base salary of $380,000, according to a proxy filing by Alico in January. Combined with stock awards and incentives, Alexander earned $677,936 in 2012, the proxy shows. His shares in Alico were valued at $2.2 million.

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