Business

Kraft gave CEO $15.7 million; 17 percent pay bump

Posted March 26, 2012 10:49 am

Associated Press

Kraft Foods gave its CEO a pay package worth $15.7 million in 2011, which represents a 17 percent raise from the previous year.

The compensation for the 58-year-old Irene Rosenfeld included a salary of $1.5 million, stock and option awards worth $9.7 million and incentive-based compensation of $4.2 million. All other compensation came to $276,000 and covered costs for use of the company aircraft, car expenses and retirement plan contributions.

Rosenfeld’s pay bump was largely the result of her incentive-based pay, which Northfield-based Kraft determines with a formula based on total returns to shareholders and growth in net revenue and operating earnings per share.

The Associated Press calculation of executive compensation counts salary, bonuses, perks and stock and options.

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