Cereal giant General Mills’ chairman and CEO Ken Powell received $13.4 million in compensation, up 105 percent from $6.5 million in fiscal 2008, according to the Minneapolis/St. Paul Business Journal. Powell received a base salary of $960,000 in 2009, up from $843,000 in 2008. His stock awards in 2009 were $4.9 million, up from $1.1 million a year ago. Powell’s non-equity incentive plan compensation for 2009 was $1.9 million, compared to $1.7 million last year. The change in pension value and deferred compensation earnings was $1.4 million, compared to $980,000 last year. All other compensation Powell received was up as well, to $354,000, up from $289,000. Powell, 55, became CEO in September 2007 and added the title of chairman in May 2008. According to a footnote in the company’s annual proxy to shareholders, Powell’s compensation “increased substantially from prior years, because he became eligible for early retirement during fiscal 2009, and to a lesser extent because of year-to-year increases in salary and awards due to promotion and performance.” The increase in Powell’s pension value was influenced by his increase in salary, along with an additional year of age and service. General Mills will hold its annual shareholders meeting Sept. 21 in Minneapolis. Stockholders will also be asked to take an advisory vote to establish a “say on pay” vote on executive compensation. The board, however, recommended against the proposal, arguing that it is likely to become law soon anyway and that the rule is too general to effectively convey meaningful information regarding executive compensation among other reasons.
Pay Doubled Last Year for General Mills’ CEO Powell
Ken Powell, CEO of General Mills, received a base salary of $960,000 in 2009, up from $843,000 in 2008.
August 11, 2009