Hormel's James Snee made $5.5 million last fiscal year

James Snee, Hormel Foods Corp. chairman, president and CEO

Total compensation: $5,530,604 for the year ended Oct. 28

Salary: $882,750

Bonus: $250

Non-equity incentive pay: $2,955,987

Other compensation: $139,577

Exercised stock options: $1,552,040

Total fiscal 2018 shareholder return: 46.8 percent

Median employee pay: $43,431

CEO pay ratio: 147 to 1

Note: Snee's total compensation rose 77.6 percent over the previous year's compensation of $3.1 million. For the fiscal year, Snee earned an annual cash incentive pay of $3 million, up 40.2 percent from the previous year. Much of the increase in Snee's realized compensation was from the 52,000 previously issued stock options that he exercised last year worth $1.6 million. The year before he gained $10,795 from options.

Hormel's directors approved changes to compensation for non-employee directors. Last year they received a $70,000 cash retainer and $160,006 worth of restricted stock. Next year they'll get an $80,000 retainer and increases for committee chairs.

There has been a trend of eliminating payments for committee meeting attendance. The Hormel board ceased its $1,000 payment for each committee meeting, replacing it with an annual retainer of $5,000, $7,500 or $10,000 for being a member of the governance, compensation or audit committees.