Omaha, Nebraska-based ConAgra Foods revealed yesterday [Thursday] that its chairman and CEO Bruce Rohde picked up a US$3m bonus for his work in 2002, when the food producing giant attained its earnings per share (EPS) targets.
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In an annual proxy filed with the US Securities and Exchange Commission (SEC), ConAgra said that it: “believes that an executive’s contribution toward achieving … growth in earnings per share and annual operating profit plans should form the basis for short-term incentives.”
“The base salary for each executive officer is established based on individual performance and contribution to the profitability of ConAgra, considering the competitiveness of the total compensation package,” it added.
Fifty-year-year-old Rohde, who did not get a bonus in FY 2001 because targets were not met, saw his base salary drop slightly to US$950,267 from US$950,472. However, he also picked up options for more than one million shares, a package worth US$5.6m the day they were granted. Most of the options can be exercised for US$22 a share and expire in September 2011.
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By GlobalData
