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Tyson slices salaries of chairman and CEO

From Bloomberg News

Tyson Foods Inc. slashed the pay of Chairman John Tyson and Chief Executive Richard Bond by withholding bonuses after the meat company suffered its first full-year loss in 12 years.

John Tyson, 53, who stepped down as CEO in May after serving in that position since 2001, was paid $2.1 million for the year ended Sept. 30. That was down 62% from the previous year when the company had net income of $372 million and Tyson received a $3.2-million bonus.

Bond’s pay was cut 68% to $1.9 million, according to a Securities and Exchange Commission filing. Bond, 59, received a $1.4-million bonus in fiscal 2005. Tyson spokesman Gary Mickelson was not available to comment.

Springdale, Ark.-based Tyson Foods reported a net loss of $196 million last year, its first full-year loss since 1994.

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The company cited lower chicken and beef prices stemming from a glut of meat caused by concerns about avian flu and export bans related to mad cow disease. Bond said in November that Tyson would be profitable in fiscal 2007.

John Tyson’s pay for fiscal 2006 included $1.2 million in salary, $323,659 of personal use of company aircraft, $203,536 in taxes paid by the company and $57,359 in insurance premium reimbursements.

Bond’s salary was $1.1 million and his compensation included $244,587 of company aircraft time and $169,072 in compensation from the company for payment of taxes.


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