By SARAH SKIDMORE
PORTLAND, Ore. (AP) -- The CEO of ConAgra Foods Inc. saw the value of his compensation package fall 25 percent for the food company's 2010 fiscal year, according to Associated Press calculations of data filed with regulators.
President and CEO Gary Rodkin received compensation valued at nearly $7.6 million for the year ended in June, down from $10.1 million in the prior year. That includes a $1 million salary, in line with what he received in the prior year. The bulk of the change came from a 56 percent drop in the value of stock option and restricted share grants that he received.
In addition, while Rodkin still received perks such as personal use of the company aircraft and company contributions to a retirement fund, the total value of these benefits fell more than 33 percent.
The Associated Press formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.
The calculations don't include changes in the present value of pension benefits, making the AP total different in most cases from the total that companies report to the Securities and Exchange Commission.
Rodkin has been president and CEO of ConAgra since 2005. He previously served as chairman and CEO of PepsiCo Beverages and Foods North America from 2003 to 2005.
ConAgra has benefited from consumers eating at home more often during the weak economy. But the company has struggled with some crop issues and a pinch in its commercial foods business, which supplies food to restaurants and other institutional clients.
The company, based in Omaha, Neb., reported that its net income fell 26 percent for the 2010 fiscal year to $725.8 million, or $1.62 per share. Revenue slipped 3 percent to $12.08 billion.
ConAgra shares, however, rose 22 percent from $19.06 at the end of June 2009 to close at $23.32 on June 30, 2010.
Copyright 2010 The Associated Press.