Hershey CEO Receives Total Compensation of $7.4 Million in 2010
The Associated Press reports that the pay package for the president and CEO of candy maker Hershey''s increased 16 percent last year to $7.4 million, according to Associated Press calculations of data in a regulatory filing. The increase for Hershey Co. President and CEO David West mainly resulted from higher stock and option awards. West received a salary of just over $1 million in 2010 — it was $30,000, or 3 percent, higher than in 2009 — and no cash bonus in either year. Stock and option awards rose to $4 million, up from $3 million, while he also received about $180,000 in perks, including $137,000 from a supplemental 401(k) match and $21,000 for personal use of the company''s aircraft. West, 47, joined Hershey in 2002 and was promoted to CEO in 2007 amid slumping sales and a front-office shakeup. He has engineered a solid performance since, pouring money into advertising and pushing into fast-growing foreign markets.
In 2010, the maker of Reese''s, Twizzlers and Hershey''s Kisses reported income and revenue gains well above the company''s long-term objectives. Revenue was $5.67 billion, up 7 percent from 2009, while net income was $509.8 million, up 17 percent.