Tod Carpenter, Donaldson Co. Inc. chairman, president, CEO
Total compensation: $3,347,244 for the year ended July 31
Non-equity incentive pay: $269,429
Other compensation: $113,234
Value realized on vesting shares: $1,930,927
New stock options: 178,600
CEO pay ratio: 175 to 1
Median employee pay: $31,275
Total shareholder return: -1.6 %
Note: Carpenter’s compensation was down more than 60% from the $9 million he realized in fiscal 2019 after earning a smaller bonus and realizing significantly less from long-term equity awards. Carpenter didn’t exercise any options last year, and the value of restricted stock that vested during the fiscal year was $1.9 million vs. $5.7 million from the previous year.
The company said it made progress on its strategic and operational goals during the year despite hits from COVID-19 in the second half of its fiscal year. However, the impact of COVID-19 meant key financial goals — including revenue, earnings and return on investment measures used to determine annual incentive bonuses — came in below targeted levels.
Annual incentive goals came in at 23% of the target. Performance targets for three-year long-term incentive goals finished above target, earning Carpenter 41,922 shares of restricted stock, 111.2% of the target for the three-year cycle. In the previous year, Carpenter earned 110,955 restricted shares for the 2017 to 2019 performance period.