Michael Hoffman, chairman, president, CEO
Total compensation: $9,355,590 for the year ended Oct. 31
Salary: $925,000
Non-equity incentive pay: $1,252,034
Other compensation: $231,890
Exercised stock options: $3,532,752
Value realized on vesting shares: $3,413,914
New stock options: 75,300
Total shareholder return: 6.1 percent
Note: Hoffman's total compensation increased 12.5 percent from the previous year. The bulk of his compensation, $6.9 million, is from the value of previously issued long-term equity awards that were exercised or vested during the year.
Toro exceeded sales, earnings, and working capital target levels for its annual performance bonus and three-year performance share awards, which helped earn Hoffman an annual bonus that was 5.2 percent bigger than last year and $3.4 million from the performance-based restricted stock awards.
Bloomington-based Toro capped its centennial year with revenue of $2.173 billion and earnings per share of $3.02. In the last days of its fiscal year, it also announced the largest acquisition in its history, a $227 million deal for the Boss professional snow and ice management business from Northern Star Industries.
Patrick Kennedy
