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Tyson Foods Chief Executive Richard L. Bond receives pay valued at $24.6 million in 2007

Tyson Foods Chief Executive Richard L. Bond receives pay valued at $24.6 million in 2007

The chief executive of Tyson Foods Inc., the world's largest meat processing company, received compensation valued by the company at about $24.6 million (euro17.09 million) in fiscal 2007, according to an analysis of a proxy statement filed Wednesday with the Securities and Exchange Commission.
Richard L. Bond, who also serves as president, received a base salary of $1.2 million (euro830,000). He was not paid a bonus but did receive about $1.7 million (euro1.18 million) in non-equity incentive plan compensation. He then received $42,508 (euro29,523) in above-market earnings on deferred compensation.
The total figure also includes $740,227 (euro514,117) in "other compensation" for tax reimbursements, life insurance benefits, matching contributions from a stock purchase plan, company contributions to an executive savings plan and $378,856 (euro263,131) in perquisites, or "perks." The perks included use of the company plane, a car allowance, country club membership dues, use of company-owned entertainment assets, a personal cell phone, home phone and Internet line and event tickets.
But most of his compensation was paid in the form of stock and stock options. Bond, 60, was awarded stock and stock options that had an estimated value of about $20.8 million (euro14.45 million) when granted.
The Associated Press' calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations do not include changes in the present value of pension benefits and sometimes differ from the totals released by companies.
Tyson ended fiscal 2007 in the black after struggling, like all meat producers, to pay higher feed prices for animals all year. The costs jumped this year due to demand for the alternative fuel ethanol, which pushed up corn prices. Corn is used to make both the fuel and animal feed.


Updated : 2021-08-02 21:11 GMT+08:00