NEW YORK (AP) — Campbell Soup Co. CEO Douglas Conant's compensation fell 12.5 percent in the most recent fiscal year, as the world's largest soup maker struggled to sell its soups to frugal shoppers, according to an Associated Press calculation.
Conant's total compensation in the fiscal year ending Aug. 1 was $10.1 million, down from $11.59 million the year before. The bulk of the decline came in a drop in his performance-related bonus and stock options and restricted stock, according to a filing the company made with the Securities and Exchange Commission late Thursday.
Last month, the soup and snack maker announced Conant will step down next July after leading Campbell Soup for a decade.
Conant's salary stayed the same at $1.2 million. He received a received a performance-related bonus of $1.5 million, compared with $2 million in fiscal 2009.
His 2010 compensation included stock options and restricted stock valued at $7.2 million on the day they were granted, according to the filing. In 2009, he received similar awards valued at $8.1 million.
Conant, 59, received perks valued at $215,555 in fiscal 2010, 5 percent less than the previous year. His 2010 perks included $48,000 to spend as he wished, possibly on financial planning, $7,350 in contributions to his retirement plan and a $93,691 supplement to the plan. He also received $39,281 for driver expenses and $21,286 for car expenses. In addition, he received $5,847 in long-term disability insurance.
The Associated Press formula is designed to isolate the value the company's board placed on an executive's total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, making the AP total different in most cases than the total reported by companies to the Securities and Exchange Commission.
Conant will leave at the end of the fiscal year on July 31 and will be succeeded by Denise Morrison, who was recently named chief operating officer from her position as Campbell's president of North American soup, sauces and beverages. Morrison's total compensation in fiscal 2010 was valued at about $3 million, including a salary of $650,000, performance-related bonus of $323,213 and stock options and restricted stock valued at $1.9 million on the day they were granted.
Conant became CEO and president of Campbell in January 2001. He was brought on to the Camden, N.J.-based company to rebuild it and stabilize sales of its condensed soup.
Under his helm, sales, earnings and market share rose, although performance has been weaker lately. Sales are hurting because shoppers are trading down to less expensive brands in the weak economy. The company is rolling out new marketing and an increased focus on its soups to increase sales.
For the full fiscal year, Campbell earned $844 million or $2.42 per share, up from $736 million or $2.05 per share in fiscal 2009. Excluding one-time items, full-year profit was $862 million, or $2.47 per share, up from $794 million or $2.21 per share.
Revenue rose about 1 percent to $7.6 billion. Soup sales overall fell 4 percent, while canned and microwavable soups fell 9 percent. Condensed soup fell 2 percent.
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