General Mills CEO compensation package dips slightly in 2010

General Mills CEO compensation dips in 2010

PORTLAND, Ore. — General Mills Inc. CEO Ken Powell saw the total value of his compensation dip slightly in the 2010 fiscal year as the value of his stock, options and other perks fell, according to an Associated Press calculation.

The company gave Powell a compensation package valued at $8.6 million, down from $9.2 million in the prior fiscal year.

Powell got a slight boost in his salary for the year to $973,042 from $959,583. But the value of his stock options and restricted stock was about $5.4 million in 2010, compared with nearly $6 million in 2009. And the value his perks such as use of the company car, retirement contributions and other benefits fell more than 21 percent.

The Associated Press formula is designed to isolate the value the company’s board placed on the executive’s total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

The calculations don’t include changes in the present value of pension benefits, making the AP total different in most cases from the total that companies report to the Securities and Exchange Commission.

General Mills is one of the largest food makers. The maker of Cheerios cereal, Yoplait yogurt and other foods has seen its products’ popularity hold steady in the weak economy. The company, like many food makers, benefited as more people sought to save money by eating at home rather in restaurants, but it’s also had to deal with shoppers increasingly turning to lower-priced store brands.

The company earned $1.5 billion, or $2.24 per share in its last fiscal year, compared with $1.3 billion, or $1.90 per share in fiscal 2009. Excluding one-time items, the company earned $2.30 per share for the year, compared with $1.99 per share in fiscal 2009. Revenue grew 1 percent to $14.8 billion.

General Mills is based in Minneapolis.