Carlos M. Gutierrez, chairman and CEO of Kellogg Co, came away with a massive financial bonus of US$1.3m in 2001, representing 144% of his basic salary of US$887,500.
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This is up considerably from Gutierrez’ 2000 bonus of US$127,500, 15.8% of a basic salary of US$806,300.
The Battle Creek-based cereals giant yesterday [Tuesday] filed its annual shareholders proxy with the Securities and Exchange Commission (SEC). It showed that Gutierrez also gained long-term compensation in the form of stock options valued at about US$6.2m, US$382,500 in restricted stock and US$10,880 in other compensation.
The company recently revealed that 2001 earnings per share significantly exceeded expectations, as record cash flow increased 32% on 2000 figures. Sales were up with increased advertising and the effects of the acquisition of US cookie maker Keebler Foods last March
Kellogg’s vice chairman, Sam Reed, meanwhile received a salary of US$607,500, a bonus of US$970,000 and 667,000 stock options valued at more than US$4.9m. He is also due to receive almost US$4.3m a year after the Keebler acquisition.
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