Kraft CEO pulls in more than $9 million in pay in 2013 [Chicago Tribune :: ]
(Chicago Tribune (IL) Via Acquire Media NewsEdge) March 14--Kraft Foods Group Inc. on Friday said Chief Executive Tony Vernon's compensation rose to $9.19 million last year, as he received a bigger stock award based on the food maker's performance as a standalone company and his first full year at the helm.
Kraft, which sells Oscar Mayer meats and Philadelphia cream cheese, went public in October 2012, after the company formerly known as Kraft Foods Inc. split into two companies: Kraft and Mondelez International Inc. Vernon assumed the CEO role in October 2012 and his annual salary rose to $1 million at that time.
Vernon's stock awards last year were worth $6.19 million, up from $3.96 million in 2012, Kraft said in its annual proxy filing on Friday. His total compensation rose to $9.19 million in 2013, up from $6.83 million in 2012.
Northfield-based Kraft's profit soared 65.3 percent last year, aided by a large accounting benefit related to retiree compensation and benefits plans. Its 2013 revenue declined 0.3 percent. About two-thirds of its businesses held or increased market share last year, up from 40 percent a year earlier.
In its proxy filing, Kraft also said it plans to hold its annual shareholder meeting on May 6 at The Glen Club in Glenview.
Kraft recommended that shareholders support a "laudatory resolution" proposal from the Humane Society of the United States, expressing support for Kraft's decision to begin phasing out small cages for pigs used in its Oscar Mayer business. The Humane Society supported Kraft's 2012 announcement that it would push suppliers to stop using small "gestation crates" by the end of 2022.
The company recommended shareholders vote against five other shareholder proposals.
Shares of Kraft were down 7 cents at $55.60 per share in afternoon trading.
Kraft said in February that it expected a "soft start" to 2014 as shoppers cut back on purchases and retailers had excess products waiting to be sold after a short, weak holiday season.
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