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JM Smucker Co-CEOs Total Compensation Fell In FY2011

By Paul Ziobro Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- The co-chief executives of J.M. Smucker Co. (SJM) both saw their total compensation packages fall in fiscal 2011 due to lower bonuses tied to performances and a drop in the value of pensions. Timothy Smucker, who is giving up the co-CEO role in August but will remain as chairman, had total compensation of $5.2 million in fiscal 2011, down from $6.8 million the prior year, according to a filing with the Securities and Exchange Commission. Richard Smucker, who will become the sole CEO, saw his total compensation fall to $5.5 million in fiscal 2011 from nearly $8 million the previous year. The two Smucker brothers both saw their salaries rise to $853,000 from $820,000. A bonus tied to company performance fell to $1 million from about $1.6 million a year earlier. Both also saw declines in the value of their pensions and nonqualified deferred compensations, with Timothy Smuckers' falling to $892,000 from $2 million a year earlier and Richard Smucker's falling to about $1 million from $3.2 million. The salaries won't be the same under the new roles. Timothy Smucker's will be trimmed to $600,000 when he gives up the co-CEO role. Smucker shares closed up 1.02% at $77.08. -By Paul Ziobro, Dow Jones Newswires; 212-416-2194;

Stock News for Smuckers J M (SJM)
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