SAN ANTONIO — CST Brands Inc. executives could stand to benefit financially once the company is officially acquired by Alimentation Couche-Tard Inc. in early 2017.
According to the San Antonio Business Journal, CST CEO Kim Lubel could receive nearly $20 million in compensation, including $5.5 million in separation payments, with the rest coming from benefits and incentive plans and stock options, including previously restricted stock.
All CST executives stand to benefit greatly from the acquisition. Lubel, Chief Financial Officer Clayton Killinger, Chief Operating Officer Anthony Bartys, Chief Strategy Officer Stephan Motz and Chief Marketing Officer Hal Adams are all entitled to a severance payment, annual short-term incentive awards and health benefits, which could total $24 million, the news outlet reported, citing documents on file with the U.S. Securities and Exchange Commission.
Former CrossAmerica Partners LP CEO Joseph Topper also will receive compensation, as he will be able to cash out his 1.2 million shares in CST for $59 million, SEC documents show.
San Antonio-based CST owns 100 percent of the general partner of Allentown, Pa.-based CrossAmerica. Couche-Tard will acquire this 100-percent general partner interest once the transaction closes.
As CSNews Online reported on Aug. 22, Laval, Quebec-based Couche-Tard will acquire CST Brands for $4.4 billion, pending proper shareholder and government approvals. Couche-Tard is the parent company of the global Circle K brand.
CST Brands Inc. operates 1,146 U.S. convenience stores under the Corner Store, Nice N Easy and Flash Foods brand names.