Interstate Bakeries new CEO employment agreement approved

By Caroline Salls

Pittsburgh, Feb. 16 - Interstate Bakeries Corp. obtained court approval of the employment agreement for new chief executive officer and director Craig D. Jung, according to a Friday filing with the U.S. Bankruptcy Court for the Western District of Missouri.

In late January, Antonio C. Alvarez II resigned as CEO, effective upon bankruptcy court approval of Jung's hiring, and David N. Weinstein resigned as a director, effective Jan. 30.

Under Jung's three-year employment agreement, he will be paid an annual base salary of $900,000, which may be increased before May 1 of each year, beginning as of May 1, 2008.

He will also receive a $1.2 million lump sum cash signing bonus.

Interstate, a Kansas City, Mo., bakery operator, filed for bankruptcy on Sept. 22, 2004. Its Chapter 11 case number is 04-45814.

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