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Applebee's International Inc Share News

$9.6M in compensation for Campbell CEO

MOUNT LAUREL, N.J. (AP) - Campbell Soup Co. paid its president and chief executive officer a compensation package worth $9.6 million in fiscal 2007, according to an Associated Press analysis of a regulatory filing made by the company on Wednesday. Douglas R. Conant was paid a base salary of $1.1 million, but his package was boosted by stock options and awards worth more than $5 million. He also received nearly $2.8 million in non-equity incentives. The Camden-based company also provides a car and driver to Conant and lets him use a company jet to fly to board meetings of Applebee's International Inc. The cost of those perks was not included in the proxy statement filed by the company. The Associated Press calculations of total pay include an executive's salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock and option awards granted during the year. The calculations do not include changes in the present value of pension benefits and sometimes differ from the totals companies release. Since Conant arrived at Campbell in 2001, the company has reversed the declining sales of its most famous and most important line, condensed soups. The company also produces Pepperidge Farm cookies and crackers, Pace Mexican sauces, V8 juices and other foods. For the fiscal year that ended July 31, the food conglomerate made $854 million in profits on sales of $7.9 billion, up from $766 million on sales of $7.3 billion a year earlier. The company is trying to sell its Godiva Chocolatier brand. Its shareholder meeting is scheduled for Nov. 16 in Paris, Texas. Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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