Salaries climb for Hormel top executives in 2016
Published 10:20 am Thursday, December 22, 2016
- Jeffrey Ettinger and James Snee are photographed outside of Hormel Corporate North. Herald File Photo
Hormel Foods Corp.’s top employees all saw salary increases in fiscal 2016.
Jeffrey Ettinger earned nearly $12.2 million in his final year as Hormel Foods Corp.’s CEO.
Ettinger, who retired in October, earned just over $1 million in base salary, but earned about $3 million in option awards, $5.5 million in non-equity incentive compensation, and $2.6 million in pension values along with other various compensations and bonuses, according to SEC filings.
Ettinger earned about $9.5 million in 2015.
Executive Vice President and Hormel Business Units President Steve Binder’s earned $500,900 in base salary and just over $5 million with incentives, up from $3.5 million in 2015. Executive Vice President and Chief Financial Officer Jody Feragen, who also retired in 2016, earned a base salary of $500,900 and $3.9 million with incentives, up from $3.1 million.
In his first year as president, James Snee earned a base salary of $500,900 and $3.5 million in total incentives. He replaced Ettinger as CEO.
Group Vice President Glenn Leithch earned a $380,500 salary and total $2.5 million with incentives, up from $2.9 million.
In 2016, Hormel Foods opened a new Spam Musuem in downtown Austin and celebrated its 125th anniversary.
