Richard Olson, the Toro Co.
Chairman, president and CEO
Total compensation: $2,816,430 for the year ended Oct. 31, 2017
Salary: $775,000
Nonequity incentive pay: $991,535
Other compensation: $159,528
Value realized on vesting shares: $890,367
New stock options: 119,400
Total fiscal 2017 shareholder return: 32.8 percent
Note: Olson took over the CEO role at Bloomington-based Toro on Nov. 1, 2016, and assumed the chairman role on Nov. 1, 2017. He took home $2.8 million for the year ended Oct. 31, a 133-percent increase that reflects increased salary and bonus for his first full year as CEO.
Olson's base salary increased by $275,000, and his cash incentive bonus increased by more than $660,000 compared to the prior year. Olson, who started working at Toro in 1986 and worked his way up the ladder, served as president before being appointed CEO. He was eligible for a larger bonus, but he and other Toro executives already earned larger bonuses this year than during the prior fiscal year by exceeding target incentive level for earnings per share, revenue growth and average net assets.
Toro had record annual revenue of $2.5 billion and $2.41 earnings per share for the fiscal year ended Oct. 31. The company exceeded the target levels for EPS ($2.26 per share) and average net asset measure, but the 4.7 percent revenue growth for the year came within the targeted range of 4.0 to 5.6 percent. All told, the performance payout was 128 percent of target.
Patrick Kennedy
