CEO Pay Watch General Mills Inc.
Kendall Powell, Chairman and CEO
Total compensation: $10,465,412 for the year ending May 31, 2014
Non-equity incentive pay: $1,655,132
Other compensation: $193,976
Exercised stock options: $976,685
Value realized on vesting shares: $6,473,902
New stock options: 294,926
Total fiscal 2014 shareholder return: 20.5 percent
Note: Powell took home slightly less than last year’s $10.5 million. Powell’s base salary rate increased 3 percent at the start of General Mills’ fiscal year but his cash bonus for the year was down 24.1 percent as the company’s fiscal 2014 performance was below the median for the consumer packaged goods peer group.
Powell was able to take home nearly as much as last year despite the lower cash bonus, because the value of his long-term equity awards increased thanks mainly to $6.5 million worth of previously issued restricted stock awards that vested during the year.
Last year, 92 percent of shareholders approved the company’s say-on-pay vote.