CEO Pay Watch The Toro Co.
Michael Hoffman, chairman and CEO
Total compensation: $11,070,525 for the year ended Oct. 31, 2015
Non-equity incentive pay: $1,305,981
Other compensation: $228,543
Exercised stock options: $5,605,774
Value realized on vesting shares: $2,970,227
New stock options: 70,400
Total fiscal 2015 shareholder return: 23.8 percent
Note: Hoffman has been CEO of the Bloomington-based company since March 2005. During his 10 years as CEO, Toro’s stock has had a total return of 286 percent, easily outperforming the S&P 500 index during that time.
More than half of Hoffman’s $11.1 million in total compensation — $5.6 million — came from previously issued stock options exercised during the year.
Last year, Hoffman’s annual salary increased by 3.8 percent. Toro’s strong financial performance in the last year helped boost Hoffman’s annual performance-based cash bonus 4.3 percent to $1.3 million. Toro achieved 113.37 percent of its targeted fiscal 2015 performance goals.
Hoffman also earned $2.97 million from restricted stock awards because Toro achieved 135.9 percent of targeted long-term performance measures covering the last three fiscal years.