Bloomington-based Toro's earnings, revenue and working capital came in under targeted goals for the fiscal year ended Oct. 31. This resulted in lower cash bonuses, contributing to a 21% drop in Chief Executive Rick Olson's compensation for the year.
Here is a breakdown of his pay.
Richard Olson
Chairman, president and CEO
The Toro Co.
- Total compensation for the fiscal year ended Oct. 31: $5,468,172
- Salary: $1,086,778
- Non-equity incentive pay: $974,698
- Other compensation: $253,586
- Exercised stock options: $696,833
- Value realized on vesting shares: $2,456,277
- New stock options: 109,100
- CEO pay ration: 166 to 1
- Median employee pay: $44,122
- Total fiscal 2022 shareholder return: 12%
Notes: Olson's overall compensation decreased 21% from the $7 million in realized compensation he earned in the prior fiscal year.
Olson's base salary did increase 3.8% from the previous year but the value of long-term equity awards that Olson either exercised or that vested during the year was $3.1 million, down 11.3% from the value realized a year ago.
But the biggest decrease in his compensation was from non-equity incentive pay tied to annual performance goals. His cash bonus for the year of $974,698 was down 53% from the $2.1 million from the previous year. The company came in below targets set for earnings, revenue and working capital.
