Sara Lee CEO Barnes gets $9.1 million in fiscal 2007 compensation
Sara Lee Corp. CEO Brenda Barnes received compensation the food and household goods maker valued at $9.1 million for its recently ended fiscal year, according to an analysis of a regulatory filing today.
The compensation was detailed in the Downers Grove-based company's proxy filing for the 12 months ended June 30 -- a period that saw Sara Lee make strides in a multiyear turnaround plan but also saw its net income decline 9 percent from the previous year.
Barnes, who took over as chief executive officer in February 2005 and became chairman later that year, was paid an annual salary of $1 million. The bulk of her pay package came in stock valued at $2.8 million and options valued at $3.3 million at the time both were awarded on Aug. 31, 2006.
Barnes, 53, also received nearly $1.8 million in performance-based bonuses and perquisites of $239,529, which included $101,548 in pension contributions, $48,052 for use of a company-owned car and driver, $47,174 for life insurance premiums and $41,868 for personal use of corporate aircraft.
The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock and option awards granted during the year. The calculations don't include changes in the present value of pension benefits and sometimes differ from the totals companies release.
Sara Lee, which makes namesake desserts, Ball Park hot dogs and Hillshire Farm deli meats, had profits of $504 million in fiscal 2007, down from $555 million a year earlier.
Its fourth-quarter earnings announced last month were sharply higher, lifted by growing revenue in its bakery, household products and body care businesses. Barnes said the company is now well-positioned for growth after lengthy restructuring and years of sluggish results, although analysts remain cautious about its prospects and say it is still rebuilding.
Sara Lee's annual shareholders meeting will be Oct. 25 in Oakbrook Terrace, Ill.
Shares in the company fell 2 cents to $16.27 in morning trading, down 4 percent from the beginning of 2007.