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
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.
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