Bond earned $4.9 million in 2008

by MEAT&POULTRY Staff
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NEW YORK — Before announcing his retirement as chief executive of Springdale, Ark.-based Tyson Foods Inc. on Jan. 5, Richard Bond received compensation valued by the company at about $4.9 million in fiscal 2008, according to an analysis of a proxy statement filed last Tuesday with the Securities and Exchange Commission. Last year his compensation was valued at $12.9 million. He received a base salary of $1.3 million, a 4.4% increase from fiscal 2007. He was not paid a bonus and did not receive non-equity incentive plan compensation. The company said its performance criteria for bonuses were not met. Mr. Bond received $94,175 in above-market earnings on deferred compensation.

The current total figure also includes $916,603 in "other compensation" such as tax reimbursements, life insurance benefits, matching contributions from a stock purchase plan and company contributions to an executive savings plan. That total includes $499,974 in perquisites, or "perks," such as use of the company plane, a car allowance, country club membership dues, use of company-owned entertainment assets and premiums for a medical reimbursement plan and a long-term disability plan. Mr. Bond, who has been c.e.o. since May 2006, also received a department store gift card.

The rest of his compensation was paid in the form of stock and stock options with an estimated value of about $2.6 million when granted. Last year he received $9.2 million in stock and stock options, according to SEC filings.

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