For the latest fiscal year, ending 29 September, Tyson Foods paid its CEO a US$2.1m bonus on top of his US$650,000 pay packet, despite that the company has recently been fraught by troubles over its takeover of meatpacker IBP and a federal indictment for smuggling alien workers.
In contrast, CEO John Tyson received no bonus for his performance during the previous year, which was untainted by such troubles.
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Last autumn, Tyson Foods was ordered by a Delaware judge to fulfil its obligation to purchase IBP for US$3.2bn, despite having accused the South Dakota-based meatpacker of failing to fully disclose its financial condition when the deal was originally struck.
By December, the meat giant was buffeted by a federal indictment in Tennessee that accused six of its managers of conspiring to smuggle illegal immigrants into the US to employed at 15 of the company#;s plants. Tyson has denied the charges.
Springdale, Arkansas-based Tyson, the largest meat producer in the world, provided details of the massive bonus in a filing with the Securities and Exchange Commission yesterday [Wednesday].
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