Campbell Soup denied cash bonuses to most of its executive suite last fiscal year and cut the total compensation of four of its top five executives by more than 20 percent, awarding a performance rating of “0.”
CNBC has previously reported. He was one of the architects of Campbell’s $6.1 billion acquisition of snacks company Snyder’s-Lance, which makes Snyder’s pretzels and Kettle potato chips.
DiSilvestro, Mignini and Ciongoli were the only officers who received a cash bonus of any kind: $50,000 apiece for their work on the $6.1 billion Snyder’s-Lance purchase, the company said.
The company also withheld cash bonuses from most of its top executives over the previous two years. Executives receive a total compensation package that includes a mix of salary, stock options, deferred stock, cash and deferred cash bonuses. Its annual incentive plan, known internally as the AIP, determines the company’s non-restricted cash bonus pool. It’s based on financial performance, sales, product quality and safety, among other things. The board decided not to fund the AIP bonus pool for 2018.
Interim CEO Keith McLoughlin, who replaced Morrison in May, was awarded $3.6 million. McLoughlin, who’s been on the board since 2016, told investors in an Aug. 30 conference call that he hadn’t yet applied for the permanent job. He said the board is conducting a “robust search process and we have both internal and external candidates.”
“I think we can just say I have not thrown my name in the hat,” he said when asked by analysts whether he was a candidate.
“As for me, I am all in … for as long as the board would like me to be,” he added.
Loeb has been pressuring the company to sell and is trying to replace all 12 of Campbell’s board directors at its Nov. 29 shareholder meeting. The company on Thursday reiterated its support for its own band of board nominees.