071251 Tyson CEO Receives Pay Valued At $24.6 MillionDecember 31, 2007New York - The chief executive of Tyson Foods, the world's largest meat processing company, 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 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 cellphone, 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. Calculations of total pay include executives' salary, bonus, incentives, 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 and sometimes differ from the totals released by companies. Tyson ended fiscal 2007 in the black after struggling, like all meat producers, to pay higher feed prices for animals all year. The costs jumped this year due to demand for the alternative fuel ethanol, which pushed up corn prices. Corn is used to make both the fuel and animal feed. Bond, who has been CEO since May 2006, also presided over a year in which the company's share price climbed about 11%.
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