Del Monte CEO gets US$2.7M income boost after strong 2016 results
Fresh Del Monte Produce (NYSE: FDP) CEO Mohammad Abu-Ghazaleh received a 32% year-on-year uptick in compensation in 2016, mostly driven by a US$2 million bonus in recognition of positive results for the company.
Net income almost quadrupled at the U.S.-based multinational, aided by a cut in the cost of products sold which bolstered gross profits in the banana segment.
The executive, who owns 35.6% of ordinary shares in the company (at a value of more than US$1 billion at the time of writing), earned US$11.1 million in 2016 compared to US$8.4 million in 2015.
The fruit company's share price has gone gangbusters in the last 12 months, jumping from US$42 on April 5, 2016 to a high of US$66.12 on November 12, 2016. At the time of writing, the share price sits at US$59.89.
The share price has risen steadily since April five years ago when it was at US$22.13.
Senior vice president and CFO Richard Contreras also had a pay rise, with compensation increasing 4% to US$1.44 million.
For other executives, lower stock award levels meant total compensation was down slightly for Central America SVP José Antonio Yock at US$1. 8 million, and for sales, marketing and product management SVP Emanuel Lazapoulos at US$1.696 million.
SVP for North America operations Paul Rice, who did not hold an executive position in the previous year, received US$1.678 million.
Former president and COO Hani El-Naffy received US$22.2 million, the bulk of which came from a bonus based on the terms of his contract signed in 1997.
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