Food Processing - August 2008 - (Page 11)

in this section ■■■ ■■■ ■■■ the new King of beers Dooley Quits GMA china buys into smithfield news bites M A N AG E M E N T how Much Your boss Makes Food industry ceos enjoy the fruits of their labor … some more than others. L ike soaring grocery prices, the once relatively modest pay ever, Powell did not get Sanger’s chairman title till this May. Engles’ paycheck places him at at No. 15. But it’s only fair for food and beverage CEOs seems to have ballooned since we last explored executive compensation back in to note he, too, also holds the title of chairman, as well as being 2006. For example, the CEO at Dean Foods, Gregg Engles, was one of the biggest stockholders in Dean Foods. Engles’ compaid an unpretentious $4.75 million in 2006. Today, Engles’ pay- pensation still pales in comparison to Oracle’s Lawrence Elcheck is reported to be more than $66 million, a 1,400 percent lison, who took home more than $190 million. Engles was the only food and beverage CEO with a salary ranked within the increase, according to Forbes magazine. Forbes recently published its annual listing of CEO salaries. top 100. The next highest paid CEO from our sector was Indra Pay for food industry bosses ranged from the $66.08 million Nooyi at PepsiCo (also a chairman/CEO) ranked No. 139. gross of Engles to the modest $810,000 for Hershey’s David West, the only food industry head Food INdusTry CEo sAlArIEs honcho not to earn at least seven figures (howName Company Pay ($ millions) rank ever, he just became CEO last December). Gregg engles Dean Foods 66.08 (1) 15 Two years ago, ConAgra CEO Gary Rodkin was our low-pay poster child with a pay stub of indra K. nooyi Pepsico 12.74 139 just $1 million. But he was a brand-new CEO Alan Lafley Proctor & Gamble 11.29 160 at the time. His compensation has progressed e. neville isdell coca-cola 9.08 192 nicely, coming in at $7.5 million for the Conw. Leo Kiely iii Molson coors brewing 9.01 194 Agra fiscal year that just ended in May. william Johnson h.J. heinz 8.89 197 Figures are for each company’s most recent fiscal year, in most cases calendar 2007. Total Gary Rodkin conAgra Foods 7.51 225 compensation includes salary and bonus; other Douglas conant campbell soup 6.65 247 compensation, such as vested restricted stock A. D. David MacKay Kellogg 5.80 262 grants, long-term incentive plan payouts and eric J. Foss Pepsi bottling 5.73 265 perks; and gains from exercising stock options. Among the big gainers in our sector was E. Robert s. sands constellation brands 5.49 (2) 273 Neville Isdell at Coca-Cola. Isdell’s pay increased brenda barnes sara Lee 5.09 295 nearly 30 percent to $9.08 million between 2006 Richard L. bond tyson Foods 5.07 297 and the latest Forbes report. His increase actually Kendall J. Powell General Mills 4.57 (2) 317 is in line with the average 38 percent collective CEO pay raise (year-over-year) across all sectors. irene Rosenfeld Kraft Foods 4.38 330 However, Isdell, like many of the CEOs, also is Patricia A. woertz Archer Daniels Midland 4.06 344 chairman of the board, although he just handed August A. busch iV Anheuser-busch cos. 3.93 352 over the CEO reins to Muhtar Kent on July 1. hormel 3.74 360 Jeffrey M. ettinger Not all food industry top executives saw an increase. Some, like Procter & Gamble’s Paul Varga brown-Foreman 3.71 364 Alan Lafley, actually took home less than in william D. Perez wrigley 3.63 367 2006, about $5 million less. Before anyone smithfield 3.18 388 c. Larry Pope schedules a benefit for Lafley, it should be bruce A. carbonari Fortune brands 3.04 (2) 396 noted that his stock in the company has increased to more than 78 million shares. John F. brock coca-cola enterprises 2.99 398 General Mills saved more than $14 million David J. west hershey 0.81 (2) 490 in compensation by replacing Stephen Sanger 1. data from prior year (who made $18.61 million in 2006) with Kend2. new chief executive, pay may be for a prior position source: forbes, “ceo compensation,” April 30, 2008 all Powell, who took home $4.57 million. How August 2008 food processing • 11 foodprocessing.com http://foodprocessing.com

Table of Contents Feed for the Digital Edition of Food Processing - August 2008

Food Processing - August 2008 Contents Editor’s Plate NewsBites Special Report Rollout Food Biz Kids The Top 100 Ingredients Show Report Plant Operations MRO Q&A Case History New Supplier Products Toops Scoops

Food Processing - August 2008

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