Pay Watch: General Mills' Ken Powell made $24.4 million in final year as CEO
Much of it came from the exercise of previously issued and long-held stock options ($17.2 million) and restricted stock that vested ($5 million).
August 16, 2017 at 3:00AM
Chairman, former CEO
Total compensation: $24,421,153 for the year ended May 31, 2017
Salary: $1,236,667
Nonequity incentive pay: $811,253
Other compensation: $165,110
Exercised stock options: $17,204,500
Value realized on vesting shares: $5,003,623
New stock options: 307,163
Total fiscal 2017 shareholder return: -6.8 percent
Note: The largest pay year of his career, much of Powell's compensation in fiscal 2017 — his last as CEO — was from the exercise of previously issued and long-held stock options ($17.2 million) and restricted stock that vested ($5 million).
Powell retired as CEO on June 1 but remains chairman of the board. Jeff Harmening succeeded Powell as CEO of the Golden Valley-based packaged-food company.
Powell was named CEO in September 2007, and during his tenure, the stock of General Mills had a total return of 166 percent and easily outpaced the S&P 500's 57 percent return during that time. Much of that was early in his tenure. During the past three fiscal years — as the company has worked to adapt to changing consumer preferences — the stock has underperformed that index.
Patrick Kennedy
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