Jeffrey Harmening
General Mills Inc.
Chairman and CEO
Total compensation: $7,188,726 for the year-ended May 31
Salary: $1,250,000
Non-equity incentive pay: $2,506,500
Other compensation: $219,133
Shares vesting: $3,213,093
Pay Watch: General Mills CEO made $7.2M last fiscal year
The year included record sales, but also layoffs for 700 to 800 employees.
August 9, 2021 at 7:01PM
New stock options: 141,931
CEO pay ratio: 207 to 1
Median employee pay: $67,109
Total fiscal 2021 total return: 3.1%
Note: General Mills had a record year for sales as the pandemic forced more people to cook from home and they sought many of the Golden Valley-based company's packaged foods.
Despite the record sales performance the company announced recently that it was laying off 700 to 800 of its 35,000 employees, including up to 20% of its workforce at the company's headquarters. The company estimated that total severance and restructuring costs related to the moves would cost the company $170 million to $220 million.
General Mills had annual revenue of $18.1 billion, a 2.8% increase over the prior year, and it earned $2.3 billion, 7.3% better than the prior year. The company said consumer behaviors had changed during the pandemic but as the pandemic wanes they are expecting behaviors to revert back to a slower growth environment for their traditional products.
Harmening's total realized compensation decreased 14% from the previous year's $8.4 million, mainly because Harmening did not exercise any stock options that had been awarded in previous years.
Financial numbers earned Harmening 108% of the target for a yearly bonus, but the board's individual assessment of his performance was 125% of the target. According to the proxy the board made the determination "in recognition of his [Harmening's] strong leadership through an unprecedented operating environment and the achievement of key strategic initiatives."
The "winners" have all been Turkeys, no matter the honor's name.
