Campbell Soup CEO takes a slight pay cut
CAMDEN, N.J. — Campbell Soup Co. President and Chief Executive Douglas Conant received a slight pay cut in fiscal 2009 while his company’s profit shrunk amid a deep global recession, according to an analysis by The Associated Press.
Conant’s total compensation was $9.42 million, about 1.6 percent less than he received in fiscal 2008, documents the company filed Thursday show.
His base salary rose nearly 1 percent, from $1.18 million in 2008 to $1.19 million this fiscal year, which ended Aug. 2. Conant received $226,889 in perquisites, down from $278,554 in 2008. In 2009, those benefits included about $18,000 in car expenses and about $65,000 for a driver, as well as insurance premiums and retirement account contributions.
Conant made less from stock grants — his 2009 awards totaled $5.94 million, down from $6.19 million the year before. But he made more from performance-based cash bonuses — $2.04 million in 2009, up from $1.86 million in 2008.
The company’s profit for the year was $736 million or $2.06 per share, down from $1.17 billion or $3.06 per share the year before. The 2009 figures reflect the company’s sale of Godiva Chocolatier.
While the company’s overall sales fell from $8 billion to $7.6 billion, its soup sales — key to the company’s fiscal health — rose 5 percent.
Early in the year, the company was stung by fast-rising costs of ingredients and materials. Despite the difficult environment, the company continued its fledgling expansion into China and Russia — places where soup is hugely popular but isn’t usually sold in grocery stores.
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 don’t include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission.
(This version CORRECTS Conant’s base salary to $1.19 million for this fiscal year.)
Related News
Campbell Soup earnings fall 22 percent, but excluding one-time items, they're up 11 percentSeptember 11th, 2009 Campbell Soup profit falls 22 percentMOUNT LAUREL, N.J. — The Campbell Soup Co.
Campbell Soup Co. expecting a more normal economy after a quarter that beat expectationsSeptember 11th, 2009 Campbell Soup Co. expects more normal economyMOUNT LAUREL, N.J.
Campbell Soup Co. earnings due Friday for fourth quarter, when soup sales lowestSeptember 9th, 2009 Earnings Preview: Campbell Soup Co.MOUNT LAUREL, N.J. — Campbell Soup Co.
Rio Tinto's first-half profit falls nearly 65 percent on falling commodity pricesAugust 20th, 2009 Rio Tinto's profit slumps 65 percentMELBOURNE, Australia — Mining giant Rio Tinto said sharp falls in metals and mineral prices were behind first-half profit dropping by nearly two thirds. The world's third-largest miner Thursday reported a net profit of $2.5 billion for the six months ended June 30, down 65 percent from a year earlier, and was cautious about whether recent gains in commodity prices would be sustained.
International Paper's 2nd-qtr profit falls 40 percentJuly 30th, 2009 International Paper's 2Q falls 40 percentInternational Paper Co.'s second-quarter net income slid 40 percent as lower sales and a slew of one-time charges hurt results for the top North American producer of cardboard box parts. The company said its net income fell to $136 million, or 32 cents per share, down from $227 million, or 54 cents per share, a year earlier.
German drug, chemical maker Merck second quarter net profit falls 48 percent to euro109 millionJuly 24th, 2009 Merck Q2 net profit falls 48 percent to euro109 MFRANKFURT — German drug and chemical maker Merck KGaA said Friday its second quarter net profit fell 48 percent as higher research costs and one-time effects from the acquisition of Serono weighed on the bottom line. The Darmstadt-based company reported a net profit of euro108 million ($153 million) in the April-June period compared with euro207 million a year earlier.
EMC 2Q profit falls 43 pct but tops Street views; co. sees improving predictabilityJuly 23rd, 2009 EMC 2Q profit falls 43 pct but tops Street viewsSAN FRANCISCO — Fresh off a successful bid for a major acquisition, EMC Corp. said Thursday that its second-quarter profit plunged 43 percent on a sales decline of 11 percent.
Union Pacific 2nd-qtr profit falls 12 percent, as tight cost cuts offset major demand declinesJuly 23rd, 2009 Union Pacific 2Q profit falls 12 percentOMAHA, Neb. — Railroad Union Pacific says its second-quarter earnings fell 12 percent, as stringent cost cutting partially offset major shipping declines across its business.
United Technologies 2Q profit falls 17 percent as co. records restructuring costsJuly 21st, 2009 United Technologies 2Q profit falls 17 percentHARTFORD, Conn. — United Technologies says its second-quarter profit fell 17 percent as the diversified manufacturer recorded restructuring costs.
Cargo shipper Forward Air reports that second-quarter profit plummeted 76 percentJuly 20th, 2009 Forward Air profit plummets 76 percentGREENEVILLE, Tenn. — Cargo shipper Forward Air Corp.
Analyst boosts estimates for Campbell Soup, says growth opportunities aheadJuly 16th, 2009 Analyst boosts estimates for Campbell SoupMILWAUKEE — An analyst on Thursday boosted his estimates for Campbell Soup Co., saying he is optimistic about the soup maker's near-term potential to beat expected earnings. The Camden, N.J.-based company held meetings this week with analysts and officials on Wednesday said they expect to beat their long-range earnings growth target this year, even in a weak economy and tough conditions overseas.
Campbell Soup expects fiscal 2009 adjusted profit growth above long-range targetJuly 15th, 2009 Campbell Soup says 2009 profit to top targetCAMDEN, N.J. — Campbell Soup says it expects its fiscal 2009 profit growth to exceed its long-range target of 5 percent to 7 percent.
Campbell Soup maintains outlook for fiscal 2009 adjusted profit growth above targetJuly 15th, 2009 Campbell Soup reaffirms 2009 adj. profit forecastMOUNT LAUREL, N.J.
Campbell Soup CEO recovering from surgery after turnpike crash; co. says he's still in chargeJuly 8th, 2009 Campbell CEO recovering from surgery after crashCAMDEN, N.J. — Campbell Soup Co.
Paychex posts lower 4th-quarter profit, hurt by recessionJune 24th, 2009 Paychex 4Q profit fallsROCHESTER, N.Y. — Payroll and personnel services provider Paychex Inc.
Loading ...