Richard Olson's salary was $925,000, but vesting performance shares added over $2 million to his compensation.
Chairman, president, CEO
Total compensation: $4,799,315 for the year ended Oct. 31, 2019
Salary: $925,000
Nonequity incentive pay: $606,939
Other compensation: $182,363
Exercised stock options: $449,898
Value realized on vesting shares: $2,635,115
New stock options: 137,100
CEO pay ratio: 109 to 1
Median pay: $48,319
Total fiscal 2019 shareholder return: 38.8%
Note: Toro completed its largest ever acquisition in fiscal 2019, the $700 million purchase of Oklahoma-based Charles Machine Works, and spent another $167 million in January to add small tractor and implement company Venture Products Inc.
Both deals added to the product portfolio of Bloomington-based Toro: Charles Machine Works added underground construction equipment and Ohio-based Venture Products Inc. added its Ventrac brand of small tractors that tackle tough terrain and add snow and ice management equipment.
Toro also delivered annual sales greater than $3 billion for the first time, but the revenue growth rate was below the threshold for one performance bonus target. That helped bring down Olson's annual cash incentive pay from $919,803 in fiscal 2018 to $606,939 in fiscal 2019. Olson did realize $2.6 million from the performance share awards for the three years from 2017 to 2019 by exceeding the targets for that time period.
The performance share award and a $50,000 increase to his base salary helped increase his overall realized compensation, 70%, from $2.8 million to $4.8 million.
Patrick Kennedy
Minneapolis-based Hennepin Healthcare says it also will suspend contributions to some worker retirement plans while pausing $24 million in capital projects.
