Smithfield struggled,
execs got millions: Despite higher grain costs and
debt, CEO C. Larry Pope was compensated $4.89 million.
Source: Daily Press
Wednesday, August 06, 2008
Via: Trading Markets
Aug 06, 2008 (Daily Press - McClatchy-Tribune News Service
via COMTEX) --Soaring grain costs and debt loads cut into profits and slammed
the stock price of Smithfield Foods to a five-year low in the last year, but
Chief Executive C. Larry Pope saw his total compensation rise slightly to $4.89
million as he completed his first full year as the top executive.
The total compensation for the year that ended in April
includes the salary, stock options, bonuses, pension earnings and perks like
using the private plane. The pay cannot be compared easily to the year before,
when he was CEO for eight months after taking over for Smithfield Chairman
Joseph W. Luter III in September 2006.
Luter might no longer be CEO of
the world's largest pork company, but he still took home more pay than Pope. Luter has a consulting agreement that pays $1 million a
year, and the board members can also give him an annual bonus of up to $6
million for any advice he gives the company.
The board gave Luter a $4.2
million bonus for his contributions on hedging policies, acquisitions and
advice to Pope, who also earned less money last year than the $5.58 million
earned by George Richter, the president of
Other highlights of the annual proxy include:
--
--Notably absent for the first time in years is any proposal
critical of the company at the annual shareholder meeting, which will be held
Aug. 27 at the Williamsburg Lodge.
Source: Daily Press,
tradingmarkets.com