JM Smucker Co-CEOs Total Compensation Fell In FY2011

Date : 07/07/2011 @ 5:01PM
Source : Dow Jones News
Stock : J.M. Smucker Company (The) New (SJM)
Quote : 105.92  0.0 (0.00%) @ 4:00AM

JM Smucker Co-CEOs Total Compensation Fell In FY2011

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The co-chief executives of J.M. Smucker Co. (SJM) both saw their total compensation packages fall in fiscal 2011 due to lower bonuses tied to performances and a drop in the value of pensions.

Timothy Smucker, who is giving up the co-CEO role in August but will remain as chairman, had total compensation of $5.2 million in fiscal 2011, down from $6.8 million the prior year, according to a filing with the Securities and Exchange Commission.

Richard Smucker, who will become the sole CEO, saw his total compensation fall to $5.5 million in fiscal 2011 from nearly $8 million the previous year.

The two Smucker brothers both saw their salaries rise to $853,000 from $820,000. A bonus tied to company performance fell to $1 million from about $1.6 million a year earlier.

Both also saw declines in the value of their pensions and nonqualified deferred compensations, with Timothy Smuckers' falling to $892,000 from $2 million a year earlier and Richard Smucker's falling to about $1 million from $3.2 million.

The salaries won't be the same under the new roles. Timothy Smucker's will be trimmed to $600,000 when he gives up the co-CEO role.

Smucker shares closed up 1.02% at $77.08.

-By Paul Ziobro, Dow Jones Newswires; 212-416-2194; paul.ziobro@dowjones.com

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