Processing Magazine

Tyson Foods CEO receives $24.6 million in 2007

January 7, 2008
The Associated Press reports that the chief executive of Tyson Foods Inc. received compensation valued by the company at about $24.6 million in fiscal 2007, according to an analysis of a proxy statement filed Wednesday with the Securities and Exchange Commission. Richard L. Bond, who also serves as president, received a base salary of $1.2 million. He was not paid a bonus but did receive about $1.7 million in non-equity incentive plan compensation. He then received $42,508 in above-market earnings on deferred compensation. The total figure also includes $740,227 in "other compensation" for tax reimbursements, life insurance benefits, matching contributions from a stock purchase plan, company contributions to an executive savings plan and $378,856 in perquisites, or "perks." The perks included use of the company plane, a car allowance, country club membership dues, use of company-owned entertainment assets, a personal cell phone, home phone and Internet line and event tickets. But most of his compensation was paid in the form of stock and stock options. Bond, 60, was awarded stock and stock options that had an estimated value of about $20.8 million when granted. Bond, who has been CEO since May 2006, also presided over a year in which the company''s share price climbed about 11 percent.