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Food & Beverage

Compensation Rises for Hormel CEO

December 14, 2010
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The CEO of Hormel Foods Corp. got a 43 percent increase in compensation this year, outpacing gains in the company''s profit and stock price, according to the Associated Press. An analysis by The Associated Press shows that Jeffrey M. Ettinger received compensation worth nearly $9 million for the fiscal year ended Oct. 31. That''s up from nearly $6.3 million last year. The increase was due to incentives and stock options. Ettinger got $4.6 million in incentive pay in fiscal 2010, up from $2.9 million last year. And he got stock options valued at $3.3 million when they were granted, up from options worth $2.4 million last year. Ettinger, 52, is also chairman and president of the prepared-foods company. He has been CEO since 2006. Ettinger got a salary increase in fiscal 2010 of just over 3 percent, to $989,430. Like the year before, he received no bonus. He got $57,416 in other compensation, mostly in profit-sharing. Hormel''s profit rose 15 percent in fiscal 2010, to $395.6 million. Revenue climbed to $7.22 billion from $6.53 billion the year before.

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