Hormel execs rewarded for high profitsPublished 9:49am Tuesday, January 21, 2014
AUSTIN — Hormel Foods Corp. had a record-setting fiscal year in 2013, and the company rewarded some of its top executives accordingly.
Hormel President and CEO Jeff Ettinger made $9.26 million in 2013, including $4.25 million in incentive pay, as the company’s stock value was at an all-time high. The company’s annual profit last year hit $526.2 million, and its sales totaled $8.75 billion, both all-time bests.
Ettinger made $8.07 million in 2012 and $8.96 million in 2011. If you factor in his change in pension value, however, Ettinger’s total compensation decreased. In 2013, his pension value decreased by $444,999, which put his earnings at $8.81 million. Last year, his pension increased by $3.44 million, which makes that year’s total $11.51 million.
In 2013, Ettinger’s base salary was $1,000,220, the same as the 2012 total, and he received stock options worth $3.94 million, up from $3.76 million the year before. He also received $65,788 in other compensation — including profit sharing, use of a company car and physical exams — up from $59,449 in 2012, and the $200 bonus paid to all full-time employees, down from $300 the year before.
Other top executives also saw pay bumps. Jody Feragen, the chief financial officer and an executive vice president, brought in $2.44 million last year, compared to $2.42 million the year before. Steven Binder, president of Hormel business units and an executive vice president, made $2.36 million, compared to $2.22 million the year before. Senior Vice President William Snyder made $1.37 million in 2013 and Glenn Leitch, a group vice president, made $1.34 million. Ettinger is a native of Pasadena, Calif. He and his wife, LeeAnn, live in Austin and have four children.