(Editor’s Note: A correction has been made to this article. See the end of the article for details.)
Total compensation rose for top executives at Tyson Foods Inc. of Springdale in 2014, the same year the company completed its biggest acquisition ever.
Donnie Smith, president and CEO of the publicly traded meat processor, received total compensation of $12.2 million, up from $9.8 million in fiscal 2013, according to the company’s latest proxy statement, filed with U.S. Securities and Exchange Commission on Friday.
Smith’s base salary was roughly the same in 2014 compared to 2013, at $1.1 million. But the value of Smith’s pension value and non-qualified deferred compensation earnings rose to $2.4 million in 2014 from about $655,000 in 2013. Smith also received about $2.8 million in option awards, up from $1.7 million in 2013.
Tyson Foods this year completed its largest acquisition, buying Hillshire Brands of Chicago in a deal worth $8.5 billion. The deal, which expands Tyson’s presence in the prepared foods business, outdistanced its previous largest purchase, $3.2 billion for IBP Inc. of Dakota Dunes, South Dakota, in 2001.
Other executives and their compensation:
- John Tyson, chairman of the board: total compensation of $8.8 million, up from $7.9 million in 2013. Includes base salary of about $884,000.
- Dennis Leatherby, executive vice president and CFO: total compensation of $4.6 million, up from $3.6 million in 2013. Includes base salary of about $600,000.
- Donnie King, president of North American operations and food service: total compensation of $6.7 million, up from $3.6 million in 2013. Includes base salary of about $784,000.
- James Lochner, former COO: total compensation of $11.8 million, up from $9.1 million in 2013. Includes base salary of about $1 million and a bonus of $2.5 million. Lochner retired from the company in September and received the bonus, a one-time cash payout, when he left the company.
- Noel White, president of poultry: total compensation of $6.2 million, up from $3.6 million in 2013. Includes base salary of about $711,000.
Shareholders Meeting
Tyson Foods has scheduled its annual shareholders meeting for 10 a.m. Jan. 30 at the Holiday Inn Northwest Arkansas Convention Center in Springdale.
At the meeting, shareholders will consider four items of business:
- That the company implement a water stewardship policy to improve water quality for all its company-owned facilities, facilities under contract to Tyson Foods and suppliers. Tyson Foods is recommending shareholders vote against the policy.
- That the company give each share an equal vote. Tyson Foods is recommending shareholders vote against the policy.
- That the company monitor and report how it is curtailing the use of palm oil in its supply chain. Tyson Foods is recommending shareholders vote against the policy.
- Ratification of PricewaterhouseCoopers LLP as the firm’s independent accounting firm. Tyson Foods is recommending shareholders vote for the ratification.
Correction: A previous version of this article had the wrong compensation figures for Dennis Leatherby. Those numbers have been corrected.
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