Tyson Foods Inc. CEO Donnie Smith and COO James V. Lochner both were paid more than $8 million during the fiscal year that ended Oct. 1, according to the corporate proxy statement filed Friday.
Smith’s total compensation reached nearly $8.85 million — compared with $1.17 million in fiscal 2009, when he was senior group vice president — thanks mainly to supersized stock and option awards totaling $3.9 million and a cash bonus of $3.76 million.
Lochner’s total compensation was $8.2 million, and he also realized an additional $128,000 by exercising stock options during the fiscal year. Lochner received a bonus identical to Smith’s and $3 million in stock and option awards. His total compensation in fiscal 2009 was $1.46 million.
Executive Vice President Dennis Leatherby also enjoyed a much bigger paycheck in 2010. His total compensation was $2.55 million, compared with $738,642 in 2009.
Donnie King, the senior group vice president for poultry and prepared foods, and Noel White, the senior group VP for fresh meats, made their first appearance in the proxy as named executives. They received similar compensation packages topping $2.8 million.
2010 also brought a big payout to Leland E. Tollett, the former CEO who served as interim president and CEO after Richard Bond resigned in January 2009 and who helped with the transition after Smith was named CEO in November 2009. Tollett was paid a total of $5.9 million – including a $600,000 base salary and a bonus of $5.15 million.
The proxy statement announced that the annual shareholders meeting will be held at 10 a.m. on Feb. 4 at the Holiday Inn Northwest Arkansas Convention Center in Springdale.
In addition to re-electing directors, shareholders may have an opportunity to vote on resolution encouraging the company to adopt a method of slaughter known as "controlled-atmosphere killing." The board of directors is opposed to the proposal because the unidentified proponent "desires to substitute its knowledge for the collective knowledge of the experts with which the Company consults and Company management."
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