Jeffrey Ettinger, chairman, CEO, president Total compensation: $5,626,937 for the year ended Oct. 31
Salary: $989,430
Non-equity incentive pay: $4,580,091
Other compensation: $57,416
New stock options: $350,000
Total 2010 return to shareholders: 28.6 percent
Note: Ettinger took home $5.6 million for the year, a 44 percent increase from the previous year. Ettinger's base salary went up 3.5 percent, but most of the increase was due to annual incentive payments. Under Hormel's annual incentive plan the company exceeded its cash flow target, earning Ettinger $2,650,500. Under the company's operators share plan, Ettinger earned $620,500. And he earned another $1,309,091 from a long-term incentive plan.
Compensation for the year was disclosed in the company's annual proxy statement filed with the SEC Friday. Two weeks ago the company set a new record for its annual profit sharing plan for all employees. Hormel paid out more than $16.3 million to eligible hourly and salaried employees on the eve of Thanksgiving.
