ADVERTISEMENT

Michael J. Hoffman

., .

CEO pay watch: Toro's Hoffman: $8.1 million

  • January 9, 2013 - 7:47 PM

THE TORO CO.

Michael Hoffman, chairman, president, CEO

Total compensation: $8,134,081 for the year ended Oct. 31, 2012

Salary: $865,000

Non-equity incentive pay: $819,155

Other compensation: $195,670

Exercised stock options: $2,300,616

Value realized on vesting shares: $3,953,640

New stock options: 132,600

Total fiscal 2012 return to shareholders: 58.0 percent

Note: Hoffman's total compensation for the year was up 60 percent from the previous year, mainly due to $6.25 million from exercise of stock options and vesting of restricted stock awarded in previous years.

Hoffman's annual incentive compensation was down 37 percent from last year. While Toro had record annual revenue of $2 billion, performance against the three main corporate performance measures for fiscal 2012 was mixed, and the resulting corporate incentive payouts were just under targeted levels for the year.

One of the senior level executive perks at Toro is the use of company products, and because of the company's acquisition of the Unique Lighting Product line in January 2011 the compensation committee added a $5,000 lifetime allowance for a landscape lighting system for executives. Of Hoffman's $195,670 in other compensation, $13,050 was for use of company products.

PATRICK KENNEDY

© 2014 Star Tribune