THE TORO CO.
Michael Hoffman, chairman, president, CEOTotal compensation: $4,381,260 for the year ended Oct. 31
Salary: $818,234
Non-equity incentive pay: $1,390,998
Other compensation: $277,886
Exercised stock options: $1,268,368
Value realized on vesting shares: $625,774
New stock options: 85,000
Total fiscal 2010 return to shareholders: 55.7 percent
Note: Hoffman's total compensation was up $2.3 million from the previous year. His compensation increased mainly from stock option gains and a $1.4 million bonus after no bonus the previous year.
Toro benefited from the worldwide rebound in the golf and landscape contractor markets. For the year ended Oct. 31, Toro had revenue of $1.7 billion, an 11 percent increase over the previous year and almost double the 6 percent revenue growth rate target. The company also exceeded targeted goals for earnings per share.
In fiscal 2009 Hoffman and other Toro executives took cuts to their base salaries. Those amounts cut were restored in 2010, but salary rates are basically no higher than they were in fiscal 2008.
PATRICK KENNEDY
