Smucker Co-CEOs Pay Packages Shrink in Fiscal 2011
J.M. Smucker Co.''s co-CEOs, great-grandsons of founder Jerome Monroe Smucker, both received smaller pay packages in the 2011 fiscal year than in 2010, according to Associated Press calculations. Timothy Smucker, also chairman of the board, received total compensation worth $4.3 million, down 10 percent from 2010. His brother, Richard Smucker, who is also executive chairman, received a $4.5 million pay package, down 7 percent. Timothy Smucker''s salary and bonus rose 4 percent to $853,000 and $17,000 respectively. But his non-equity incentive pay fell 32 percent to $1.1 million, and his stock award remained at $2.3 million, while his other compensation, including life insurance and personal use of the company aircraft, fell 36 percent to $48,345. The company set Richard Smucker''s salary, bonus and non-equity incentive to identical amounts. His stock award was slightly larger, $2.5 million, a 6 percent increase. And the value of his perks fell 5 percent to $52,507. The company, based in Orville, Ohio, will have one CEO, Richard Smucker, as of Aug. 16. Timothy Smucker will continue as chairman.