Hormel Foods Corp.
Jeffrey Ettinger, chairman, president, CEO
Total compensation: $13,005,596 for the year ended Oct. 31
Non-equity incentive pay: $3,615,950
Other compensation: $57,876
Exercised stock options: $8,331,250
New stock options: 331,900
Total fiscal 2014 shareholder return: 26.1 percent
Note: Ettinger’s base salary remained the same and his annual incentive bonus was down $632,000 from last year. His take-home compensation rose 88 percent largely from the $8.3 million worth of previously issued options that he exercised during the year.
This is Ettinger’s largest compensation package since he became CEO of Austin, Minn.-based Hormel eight years ago. His stock option gains come in part from the stock appreciation during his tenure. During the last fiscal year, Hormel’s stock rose 26.1 percent, and during his time as CEO, Hormel’s stock has a total return of 236 percent, or a total annualized return of 16.1 percent.
On the night before Thanksgiving, Hormel announced its 76th consecutive annual employee profit-sharing award, a record $17.4 million to be shared by eligible hourly and salaried employees.